Energy Transfer Equity Announces Pricing of 5.500% Senior Notes Due June 1, 2027
May 19 2015 - 7:35PM
Business Wire
Energy Transfer Equity, L.P. (NYSE: ETE) today
announced that it has priced its previously announced offering of
5.500% senior notes due June 1, 2027 (the “Notes”). The Notes were
priced at 98.5%, resulting in total proceeds of approximately $985
million (before expenses). The Notes initially will be secured on a
first-priority basis with the loans and obligations under ETE’s
senior secured revolving credit facility, senior secured term loan
facilities and existing senior notes, by a lien on substantially
all of ETE’s and certain of ETE’s subsidiaries’ tangible and
intangible assets that from time to time secure ETE’s obligations
under such indebtedness, subject to certain exceptions and
permitted liens and subject to the terms of a collateral agency
agreement. The liens securing the Notes will be released in full if
liens do not secure more than a threshold level of senior
obligations (so long as liens securing ETE’s existing senior notes
are similarly released), after which the Notes will be unsecured.
The Notes will be ETE’s senior obligations, ranking equally in
right of payment with ETE’s other existing and future
unsubordinated indebtedness and senior to any of ETE’s future
subordinated indebtedness. The offering is expected to close on May
22, 2015, subject to customary closing conditions.
ETE intends to use the net proceeds from this offering to repay
all indebtedness outstanding under ETE’s revolving credit facility
and to partially repay indebtedness outstanding under an existing
term loan facility.
Deutsche Bank Securities and Morgan Stanley are acting as joint
active physical book-running managers for the offering. A copy of
the preliminary prospectus supplement and prospectus relating to
the offering may be obtained from the following address:
Morgan Stanley & Co. LLCAttn: Prospectus Department180
Varick Street, 2nd FloorNew York, New York 10014Phone: (866)
718-1649prospectus@morganstanley.com
You may also obtain these documents for free when they are
available by visiting EDGAR on the SEC web site at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement
meeting the requirements of Section 10 of the Securities Act of
1933, as amended. The offering is made pursuant to an effective
shelf registration statement and prospectus filed by ETE with the
SEC.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master
limited partnership which owns the general partner and 100% of the
incentive distribution rights (IDRs) of Energy Transfer Partners,
L.P. (NYSE: ETP), approximately 23.6 million ETP common units,
approximately 81.0 million ETP Class H Units, which track 90% of
the underlying economics of the general partner interest and IDRs
of Sunoco Logistics Partners L.P. (NYSE: SXL), and 100 ETP Class I
Units. On a consolidated basis, ETE’s family of companies owns and
operates approximately 71,000 miles of natural gas, natural gas
liquids, refined products, and crude oil pipelines.
Statements about the offering may be forward-looking statements.
Forward-looking statements can be identified by words such as
“anticipates,” “believes,” “intends,” “projects,” “plans,”
“expects,” “continues,” “estimates,” “goals,” “forecasts,” “may,”
“will” and other similar expressions. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside the control of ETE, and a variety of risks that
could cause results to differ materially from those expected by
management of ETE. Important information about issues that could
cause actual results to differ materially from those expected by
management of ETE can be found in ETE’s public periodic filings
with the SEC, including its Annual Report on Form 10-K. Unless
required by applicable securities laws, ETE undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
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Investor Relations:Energy TransferBrent Ratliff,
214-981-0700orMedia Relations:Granado Communications GroupVicki
Granado, 214-599-8785Cell: 214-498-9272
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