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El Paso Energy Capital Trust I, 4 3/4% Trust Convertible Preferred Securities
Ticker Symbol: EP-C CUSIP: 283678209 Exchange: NYSE
QUANTUMONLINE.COM SECURITY DESCRIPTION: El Paso Energy Capital Trust I, 4 3/4% Trust Convertible Preferred Securities, liquidation amount $50 per share, guaranteed by El Paso Natural Gas Co. (now El Paso Corp. NYSE: EP), redeemable at the issuer's option on or after 3/31/2002 at $50 per share plus accrued and unpaid dividends, and maturing 3/31/2028. Distributions of 4 3/4% ($2.375) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the 15th day of the month in which the payment is due (NOTE: the ex-dividend date is one business day prior to the record date). The preferred shares are convertible any time at the holder's option into 1.2022 common shares of El Paso Corp. (NYSE: EP), an initial conversion price of $41.59 per common share. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 4 3/4% Subordinated Deferrable Interest Convertible Debentures due 3/31/2028 which were purchased from the company using the funds generated from the sale of the convertible trust preferred securities. See the IPO prospectus for further information on the convertible trust preferred securities and their conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conv Shrs Conv Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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4.75%
$2.38
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$50.00
$50.00
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3/31/2002
3/31/2028
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WR
BB+
4/21/2025
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1.2022
$41.59
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3/31, 6/30, 9/30 & 12/31
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (KMI)
Notes: From the Kinder Morgan 10K dated 12/31/2020-- The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75% and carry a liquidation value of $50 per security plus accrued and unpaid distributions. The Trust I Preferred Securities outstanding as of December 31, 2020 are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; and (ii) $25.18 in cash without interest. We have the right to redeem these Trust I Preferred Securities at any time. Nov. 26, 2014-- Kinder Morgan, Inc. (NYSE: KMI) today announced it has completed its acquisition of the outstanding equity securities of Kinder Morgan Energy Partners, L.P. (NYSE: KMP), Kinder Morgan Management, LLC (NYSE: KMR) and El Paso Pipeline Partners, L.P. (NYSE: EPB). The approximately $76 billion transaction was initially announced Aug. 10, 2014. CEO Richard D. Kinder stated that the Company is delighted to close the KMP, KMR and EPB transactions and believes merging the companies benefits its shareholders and unitholders, simplifies the Kinder Morgan story by transitioning to one security and paves the way for superior growth at KMI for years to come. KMI projects a dividend of $2.00 per share for 2015, a 16 percent increase over the 2014 KMI dividend budget of $1.72 per share. The company expects to grow the dividend by approximately 10 percent each year from 2015 through 2020, while producing excess coverage of over $2 billion.
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Link to IPO Prospectus
Previous Ticker Symbol: EPG-C Changed: 12/31/2001
Market Value $ Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 1001 Louisiana Street, Suite 1000, Houston, TX 77002 |
Main Phone Number |
713-369-9000 |
Fax Number |
713-495-2817 |
Investor Relations
Miguel Garcia
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713-369-9490
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Toll Free Phone Number |
800-324-2900 |
CEO - Steven J. Kean |
CFO - Kimberly A. Dang |
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