Latest news with #ArcLight
Yahoo
08-04-2025
- Business
- Yahoo
NGPL PipeCo LLC Announces Successful Receipt of Requisite Consents Related to Consent Solicitations with Respect to its 4.875% Senior Notes due 2027 and 3.250% Senior Notes due 2031
NEW YORK, April 8, 2025 /PRNewswire/ -- NGPL PipeCo LLC, a Delaware limited liability company (the "Company"), announced today that the requisite consents have been received from the holders ("Holders") of the Company's outstanding (i) 4.875% Senior Notes due 2027 (the "2027 Notes") and (ii) 3.250% Senior Notes due 2031 (the "2031 Notes" and, together with the 2027 Notes, the "Notes" and each a "Series of Notes") to certain amendments (the "Proposed Amendments") to the terms of (i) the Indenture, dated as of August 1, 2017, relating to the 2027 Notes (the "2027 Notes Indenture"), by and between the Company and U.S. Bank National Association ("U.S. Bank"), as trustee, as amended and supplemented to date, and (ii) the Indenture, dated as of May 14, 2021, relating to the 2031 Notes (the "2031 Notes Indenture" and, together with the 2027 Notes Indenture, the "Indentures" and, each, an "Indenture"), by and between the Company and U.S. Bank, as trustee, as amended and supplemented to date. The Consent Solicitations are subject to the terms and conditions set forth in the Consent Solicitation Statement dated March 31, 2025 (the "Consent Solicitation Statement"). As of 5:00 p.m., New York City time, on April 8, 2025, the consent date with respect to each Consent Solicitation, the Company has been advised by Global Bondholder Services Corporation, the information, tabulation and paying agent for each Consent Solicitation, that consents were validly delivered and not revoked in an amount exceeding the requisite consents threshold required under the Indentures for the Proposed Amendments. The Consent Solicitation with respect to each Series of Notes was conducted in connection with the previously announced transaction (the "Transaction") pursuant to which Brookfield Infrastructure US Holdings I, a Delaware corporation, agreed to sell entities that hold its entire 25.0% interest in NGPL Holdings LLC ("NGPL Holdings"), the Company's indirect parent company, to one or more funds controlled by ArcLight Capital Partners, LLC ("ArcLight"). Upon closing of the Transaction, ArcLight funds and Kinder Morgan, Inc. (NYSE: KMI) ("Kinder Morgan") will each hold equal entitlements to elect 50% of the members of the board of directors, and ArcLight funds will hold a 62.5% economic interest in NGPL Holdings. Kinder Morgan will continue to operate the Company's pipeline assets and holds a 37.5% economic interest in NGPL Holdings. The Transaction is expected to close in the second quarter of 2025, subject to customary closing conditions. As a result of receiving the requisite consents to the Proposed Amendments to the Indenture with respect to each Series of Notes, the Company and the Trustee will enter into a supplemental indenture with respect to each Series of Notes that sets forth the Proposed Amendments with respect to such Series of Notes. The Proposed Amendments with respect to each Series of Notes will amend the defined term "Change of Control" in each Indenture to provide that the Transaction will not constitute a Change of Control under such Indenture. Each supplemental indenture will become valid, binding and enforceable upon its execution, but the Proposed Amendments to the Indenture with respect to each Series of Notes will not become operative until the consent fee relating to such Series of Notes is paid. The obligation of ArcLight to pay the consent fee is conditioned upon the closing of the Transaction and the satisfaction or waiver of certain other conditions precedent set forth in the Consent Solicitation Statement. This announcement does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Each Consent Solicitation was made only pursuant to the Consent Solicitation Statement. The Consent Solicitations were not made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require any Consent Solicitation to be made by a licensed broker or dealer, such Consent Solicitation was deemed to be made on behalf of the Company by one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. Barclays Capital Inc. acted as the sole solicitation agent for the Consent Solicitations. Global Bondholder Services Corporation acted as the information, tabulation and paying agent for the Consent Solicitations. Questions or requests for assistance in relation to the Consent Solicitations, including payments of the consent fee, may be directed to Barclays Capital Inc. at (800) 438-3242 (toll free) or (212) 528-7581 (collect). About the Company NGPL PipeCo LLC (the "Company") is a Delaware limited liability company and issuer of each Series of Notes. Natural Gas Pipeline Company of America LLC, an indirectly wholly owned subsidiary of the Company ("OpCo"), is the largest transporter of natural gas into the high-demand Chicago-area market as well as one of the largest interstate pipeline systems in the country. It is also a major transporter of natural gas to large liquefied natural gas export facilities and other markets located on the Texas and Louisiana Gulf Coast. OpCo has approximately 9,100 miles of pipeline, more than 1 million compression horsepower and 288 billion cubic feet of working natural gas storage. OpCo provides its customers access to all major natural gas supply basins directly and through its numerous interconnects with intrastate and interstate pipeline systems. About ArcLight Capital Partners, LLC ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated over ~65 GW of assets and 47,000 miles of electric and gas transmission and storage infrastructure representing $80 billion of enterprise value. ArcLight has a long and proven track record of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission and natural gas transmission and storage infrastructure to support the growing need for power, reliability, security, and sustainability. ArcLight's team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm's ~1,900-person asset management partner. For more information, please visit About Kinder Morgan, Inc. Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, 704 Bcf of working natural gas storage capacity and have renewable natural gas production capacity of approximately 6.1 Bcf per year with an additional 0.8 Bcf in development. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Learn more about our work advancing energy solutions on the lower carbon initiatives page at Forward-Looking Statements This news release includes forward-looking statements. Generally, the words "expects," "believes," anticipates," "plans," "will," "would," "shall," "estimates," and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the Transaction, including the parties' ability to satisfy customary conditions to closing and the anticipated timing of closing. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although the Company believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the ability of the parties to satisfy customary conditions to closing of the transaction. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, the Company undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on forward-looking statements. View original content: SOURCE NGPL PipeCo LLC
Associated Press
21-03-2025
- Business
- Associated Press
NGPL PipeCo LLC Announces Sale of Indirect Interest in NGPL Holdings LLC
NGPL PipeCo LLC (PipeCo) today announced that Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: has agreed to sell entities that hold its entire 25.0% minority interest in NGPL Holdings LLC (NGPL Holdings), PipeCo's indirect parent company, to one or more funds controlled by ArcLight Capital Partners, LLC (ArcLight). Upon closing, ArcLight funds will hold a 62.5% interest in NGPL Holdings. Kinder Morgan, Inc. (NYSE: KMI) continues to operate PipeCo's pipeline assets and holds a 37.5% interest in NGPL Holdings. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions. Natural Gas Pipeline Company of America LLC (NGPL), an indirectly wholly owned subsidiary of NGPL Holdings and PipeCo, is the largest transporter of natural gas into the high-demand Chicago-area market as well as one of the largest interstate pipeline systems in the country. It is also a major transporter of natural gas to large liquefied natural gas (LNG) export facilities and other markets located on the Texas and Louisiana Gulf Coast. NGPL has approximately 9,100 miles of pipeline, more than 1 million compression horsepower and 288 billion cubic feet of working natural gas storage. NGPL provides its customers access to all major natural gas supply basins directly and through its numerous interconnects with intrastate and interstate pipeline systems. About Brookfield Infrastructure Partners L.P. Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. For more information, go to About ArcLight Capital Partners, LLC ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated over ~65 GW of assets and 47,000 miles of electric and gas transmission and storage infrastructure representing $80 billion of enterprise value. ArcLight has a long and proven track record of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission and natural gas transmission and storage infrastructure to support the growing need for power, reliability, security, and sustainability. ArcLight's team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm's ~1,900-person asset management partner. For more information, please visit About Kinder Morgan, Inc. Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, 702 Bcf of working natural gas storage capacity and have renewable natural gas production capacity of approximately 5.6 Bcf per year with an additional 0.8 Bcf in development. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, carbon dioxide, renewable fuels and other products, and our terminals store and handle various commodities, including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Learn more about our work advancing energy solutions on the lower carbon initiatives page at Important Information Relating to Forward-Looking Statements This news release includes forward-looking statements. Generally, the words 'expects,' 'believes,' anticipates,' 'plans,' 'will,' 'shall,' 'estimates,' and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the proposed transaction, including the parties' ability to satisfy customary conditions to closing and the anticipated timing of closing. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although PipeCo believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the ability of the parties to satisfy customary conditions to closing of the transaction. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, PipeCo undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on forward-looking statements. Media Relations [email protected] INDUSTRY KEYWORD: OIL/GAS ENERGY SOURCE: Kinder Morgan, Inc. Copyright Business Wire 2025. PUB: 03/21/2025 02:00 PM/DISC: 03/21/2025 01:59 PM
Los Angeles Times
07-02-2025
- Entertainment
- Los Angeles Times
After shuttering in the pandemic, an ArcLight theater gets a second act
After going dark in the early days of the pandemic, a former ArcLight theater in El Segundo will reopen with a new owner and name next week as a luxury cinema intended to pry movie viewers off of their couches at home. Following $10 million in upgrades, CinemaWest Beach Cities will have 16 screens and a Pink's Hot Dogs restaurant that will serve alcohol and also be open to non-moviegoers. It will be the 18th location for CinemaWest, a Petaluma-based theater chain that operates cineplexes in California and Idaho, and a flagship location for the company 'on par with private screening rooms at major studios,' owner Dave Corkill said. CinemaWest Beach Cities will be the first theater to open in Los Angeles County in 2025 and one of only a handful that may open this year, according to IJM Enterprises, a movie theater development consultant. With moviegoing habits scrambled in the age of streaming, movie theaters have lost some of their luster as anchor tenants at shopping malls and other commercial centers. CinemaWest's landlord, though, is banking on the theater being a key draw at Continental Park, a 100-acre commercial development with 3 million square feet of office space, restaurants, shops and a hotel. 'I don't believe that a movie theater is the key to attracting office tenants,' landlord Richard Lundquist said, 'but I do feel that the movie theater attracts restaurants, which then attract office tenants, so they all go hand in hand. I do feel it will draw business.' Lundquist is chief executive of Continental Development Corp., which developed the sprawling complex that straddles Rosecrans Boulevard in the cities of El Segundo and Manhattan Beach. Other new additions to Contintental Park are an Erewhon market set to open next month and Mattel's television and movie production studios that will open in late spring, he said. In keeping with a movement across the theater industry, CinemaWest Beach Cities will offer features that mimic the experience of watching a movie at home such as reclining seats. But it will also have elements available only in a commercial setting such as a 4DX theater that will incorporate on-screen visuals with a variety of motion seat effects, scents, and such environmental effects as rain, lightning, fog and wind. Construction on that theater is expected to be completed next month. There is also a theater with an expansive screen format called ScreenX, a multi-projection system with a 270-degree field of view that extends the image across the main screen onto the theater right- and left-side walls that is intended to immerse the audience in the movie. It also has a giant-screen theater with Dolby Atmos surround sound. Pink's, a well-known Los Angeles restaurant in the Fairfax District, will open a branch at the theater serving hot dogs, hamburgers and milkshakes. It will also have a full bar. ArcLight launched in 2002 at the Cinerama Dome in Hollywood with a pioneering luxury experience that has since become more mainstream. ArcLight had 11 locations, including six in the Los Angeles area, which closed in March 2020 as theaters were ordered shut for the pandemic. ArcLight management announced in April 2021 that it would not reopen its theaters. The CinemaWest theater opening is a bright spot in a rough period for the movie business. L.A.'s film production community recently finished an unsettling year as 2024 marked the second lowest level of production in Los Angeles ever, according to the nonprofit agency FilmLA. It topped only 2020, the year of pandemic-related shutdowns.
