Tallgrass Energy Announces Completion of Consent Solicitations for its Senior Notes due 2023, 2024 and 2028

LEAWOOD, Kan.–(BUSINESS WIRE)–Tallgrass Energy, LP (NYSE: TGE) (“TGE”) announced today that its
subsidiaries, Tallgrass Energy Partners, LP and Tallgrass Energy Finance
Corp. (together, the “Issuers”), have completed the previously announced
solicitation of consents (the “Consent Solicitations”) from holders (the
“Holders”) of their outstanding 4.75% Senior Notes due 2023 (“2023
Notes”), their outstanding 5.50% Senior Notes due 2024 (“2024 Notes”),
and their outstanding 5.50% Senior Notes due 2028 (“2028 Notes”,
together with the 2023 Notes and the 2024 Notes, the “Notes”). In
connection with the Consent Solicitations, the Issuers, the guarantors
party thereto and the trustee have entered into supplemental indentures
(the “Supplemental Indentures”) to each of the indentures governing the
Notes (the “Indentures”) to effect amendments (the “Amendments”) to each
of the Indentures as described in the Consent Solicitation Statement,
dated as of February 21, 2019 (the “Consent Solicitation Statement”).

The Consent Solicitations expired at 5:00 p.m. New York City time, on
February 27, 2019 (the “Expiration Date”). The Issuers received the
consent of Holders of at least a majority of the aggregate outstanding
principal amount of each applicable series of Notes (the “Requisite
Consents”), and such consents had not been validly revoked prior to the
time that each of the Supplemental Indentures had been executed (the
“Consent Time”). The Issuers will pay a consent fee (the “Consent Fee”)
in an amount equal to $1.00 per $1,000 aggregate principal amount of the
Notes to The Depository Trust Company (“DTC”) for the benefit of
eligible Holders of the Notes as of 5:00 p.m., New York City time, on
February 20, 2019 (the “Record Date”) who delivered valid and unrevoked
consents to the Amendments on or prior to the Expiration Date, subject
to the terms and conditions set forth in the Consent Solicitation
Statement. The Issuers expect to pay or cause to be paid the Consent Fee
to DTC for the benefit of such Holders substantially concurrently with
the consummation of the acquisition, previously announced by TGE, by
Prairie Non-ECI Acquiror LP, Prairie ECI Acquiror LP, Prairie VCOC
Acquiror LP, and Prairie GP Acquiror LLC of (i) all of the membership
interests in Tallgrass Energy GP, LLC, the general partner of TGE, (ii)
approximately 44% of the outstanding limited partner interests in TGE,
and (iii) approximately 44% of the economic interests in Tallgrass
Equity, LLC (the “Acquisition”). No accrued interest will be paid in
respect of the Consent Fee.

The Supplemental Indentures executed in connection with the completion
of the Consent Solicitations became effective upon the execution and
delivery thereof, but the Amendments will cease to be operative if the
Acquisition is not consummated, or if the Issuers do not pay or cause to
be paid the applicable Consent Fee. All Holders of the Notes are bound
by the terms of the Supplemental Indentures, including those that did
not give their consent. However, Holders who did not deliver consents on
or prior to the Expiration Date (or who delivered consents but validly
revoked them prior to the Consent Time) will not receive the Consent Fee.

Citigroup Global Markets Inc. (“Citi”) acted as the Solicitation Agent
for the Consent Solicitations. Global Bondholder Services Corporation
acted as the Information and Tabulation Agent for the Consent
Solicitations. Questions or requests for assistance related to the terms
of the Consent Solicitations or for additional copies of the Consent
Solicitation Statement and other related documents may be directed to
Citi at (212) 723-6106 (banks and brokers) and (800) 558-3745 (all
others, toll free) or to Global Bondholder Services Corporation at (212)
430-3774 (banks and brokers) and (866) 794-2200 (all others, toll free).

This announcement is not an offer to purchase, a solicitation of an
offer to purchase, or a solicitation of consents with respect to any
securities. The Consent Solicitations were made solely by the Consent
Solicitation Statement and were subject to the terms and conditions
stated therein.

About Tallgrass Energy

Tallgrass Energy, LP (NYSE: TGE) is a growth-oriented midstream energy
infrastructure company operating across 11 states with transportation,
storage, terminal, water, gathering and processing assets that serve
some of the nation’s most prolific crude oil and natural gas basins.

To learn more, please visit our website at www.tallgrassenergy.com.

FORWARD-LOOKING STATEMENTS

Disclosures in this press release contain “forward-looking statements.”
All statements, other than statements of historical facts, included in
this press release that address activities, events or developments that
management expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the generality
of the foregoing, forward-looking statements contained in this press
release specifically include statements regarding the consummation of
the Acquisition and the Consent Solicitations, including the timing and
amount of the Consent Fee in connection therewith. These statements are
based on certain assumptions made by TGE based on management’s
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of TGE,
which may cause actual results to differ materially from those implied
or expressed by the forward-looking statements. These include risks set
forth in reports filed by TGE with the Securities and Exchange
Commission. Any forward-looking statement applies only as of the date on
which such statement is made and TGE does not intend to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by law.

Contacts

Tallgrass Energy, LP
Investor and Financial Inquiries
Nate
Lien, 913-928-6012
investor.relations@tallgrassenergylp.com
or
Media
and Trade Inquiries
Phyllis Hammond, 303-763-3568
media.relations@tallgrassenergylp.com

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