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Industry Brief

Kinder Morgan Inc. (KMI), Kinder Morgan Energy Partners LP (KMP) and El Paso Pipeline Partners LP (EPB) announced the preliminary results of the elections made by KMP and EPB unitholders for their preference as to the form of consideration they will receive in the pending mergers with KMI, which are expected to close (Wednesday) Nov. 26 (see Daily GPIAug. 11). Unitholders had the option to elect, for each KMP or EPB common unit held, either cash, KMI common stock, or a combination of each. Among KMP unitholders, 61.3% of outstanding units were assigned a KMP stock election; 0.9% of outstanding units were opted for a cash election; 10.1% were a combination, and holders of 27.7% of outstanding units did not make an election by the deadline and are deemed to have selected the mixed option. Among EPB unitholders, 69.5% of outstanding common units were committed to a stock election; 7.9% were committed to a cash election; 9.7% were mixed, and holders of 13% of outstanding units did not make an election by the deadline and are deemed to have selected the mixed option.

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