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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 16, 2000
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Piedmont Natural Gas Company, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina 1-6196 56-0556998
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1915 Rexford Road, Charlotte, North Carolina 28211
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (704) 364-3120
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(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. Other Events
On February 16, 2000, Piedmont Natural Gas Company issued a Press Release to
announce the formation of a joint venture which combines its propane operations
with the propane operations of three other companies. For Piedmont, certain
aspects of this transaction are subject to approval by the North Carolina
Utilities Commission. A copy of the Press Release is attached as an exhibit to
this Form 8-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed herewith:
Exhibit No. Description of Exhibit
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99.1 Press Release Dated February 16, 2000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Piedmont Natural Gas Company, Inc.
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(Registrant)
By /s/ B. L. Guy
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B. L. Guy
Vice President and Controller
(Principal Accounting Officer)
Date February 21, 2000
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FOR RELEASE AT 8:30 AM, EST, FEBRUARY 16, 2000
MEDIA CONTACT: Stephen D. Conner
704-364-3483, ext.6205
[email protected]
PIEDMONT NATURAL GAS TO JOIN FORCES WITH THREE
OTHER COMPANIES TO CREATE NATIONAL PROPANE OPERATION
CHARLOTTE, NC - Piedmont Natural Gas Company (NYSE: PNY) today announced that it
has entered into an agreement to form a joint venture which combines its propane
operations with the propane operations of AGL Resources (NYSE: ATG), Atlanta,
GA.; Atmos Energy Corporation (NYSE: ATO), Dallas, TX; and TECO Energy
(NYSE:TE), Tampa, FL.
The combined entity, to be named US Propane, L.P., will be among the 10 largest
propane retailers in the nation, with nearly 200,000 customers. Focused on the
Southeast, US Propane will have operations in Alabama, Florida, Georgia,
Kentucky, North Carolina, South Carolina and Tennessee. The transaction is
subject to regulatory approval for one of the proposed venturers and other
customary conditions. The participating companies expect the transaction to be
completed by May 1, 2000. The companies are being advised in this transaction by
PaineWebber.
"Combining the propane assets of these four companies creates a powerhouse in
the propane industry that maximizes the value of our propane assets," said John
H. Maxheim, Piedmont Chairman and CEO. "On a larger scale, we can now better
grow those assets and earnings by being more competitive, and having greater
opportunities for strategic acquisitions, better customer service, greater
operational efficiencies and increased profitability. The combining of our
propane operations provides the greatest long-term value for shareholders,
customers and employees of each company."
A nationwide search for a chief executive officer to establish US Propane and
lead its growth is currently underway. The company has tentatively selected
Nashville, Tennessee as its headquarters.
This press release contains forward-looking statements, which are subject to
inherent uncertainties in predicting future results and conditions. Certain
factors that could cause actual results to differ materially from those
projected in these forward-looking statements include the ability to
successfully complete the joint venture transaction; to effectively integrate
the different operations; to recruit qualified personnel, including a CEO; to
successfully compete against established national and regional propane
operations; and to effect the transactions that will contribute to the growth of
the business.
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Piedmont Natural Gas Company, Inc., incorporated in 1950, is an energy and
services company primarily engaged in the transportation, distribution and sale
of natural gas and the sale of propane to over 710,000 residential, commercial
and industrial customers in Georgia, North Carolina, South Carolina and
Tennessee. The Company is the second-largest natural gas utility in the
Southeast, serving over 660,000 natural gas customers in the Carolinas and
Tennessee. The Company and its non-utility subsidiaries and divisions are also
engaged in acquiring, marketing, transporting and storing natural gas for
large-volume customers, in retailing residential and commercial gas appliances
and in the sale of propane to over 48,000 customers in the Company's four-state
service area. The Company's Piedmont Propane division operates in Georgia, North
Carolina, South Carolina and Tennessee under the names Flamegas, Green's Fuel,
PNG Propane, Southern Gas, and Thomas Gas.
An unregulated subsidiary of the Company is an equity participant in a venture
that is marketing natural gas to an additional 476,000 customers in Georgia, the
first state in the venture's eight-state southeastern market to open to retail
competition for natural gas. Additional information about the company is
available at www.piedmontng.com.
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