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Kinder Morgan debt alleviation
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Administrative Assassin

Joined: 08 Mar 2006
Posts: 1351

PostPosted: Fri Mar 23, 2007 2:17 pm    Post subject: Kinder Morgan debt alleviation Reply with quote

WASHINGTON, March 22 (Reuters) - Kinder Morgan Energy Partners LP (KMP.N: Quote, Profile , Research) filed with regulators on Thursday to periodically sell up to $4 billion in common units and debt securities.

The Houston-based pipeline company said in a registration statement with the U.S. Securities and Exchange Commission that it would use the proceeds from the offering for general corporate purposes, including working capital, debt repayment, capital expenditures, and acquisitions.

Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.

Again this is an effort by Kinder to unload a portion of the massive debt incurred by Kinder Morgan since its inception. The three tiered Partnership structure allowed Kinder Morgan to shift debt from the General partner which enjoyed the benefit of low debt which was shifted off to one of the two limited partnerships. In return the general partner received the lions share of the dividends paid out each quarter. The end result being Richard Kinder "as the largest unit holder in the general partnership," got rich off of what amounts to a legal pyramid scam.
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