Energy Transfer Partners to Issue $2 Billion in US Debt Markets Monday-Source
January 09 2012 - 10:52AM
Dow Jones News
Energy Transfer Partners LP (ETP) plans to issue a $2 billion,
two-part bond deal in the U.S. credit markets Monday, according to
a person familiar with the matter.
Energy Transfer Partners is raising money in connection with its
50% acquisition of Citrus Corp., owner of the Florida Gas
Transmission pipeline system.
The deal is to feature 10- and 30-year senior unsecured notes,
which are expected to be rated Baa3 from Moody's Investors Service
and BBB-minus from Standard & Poor's and Fitch Ratings. The
deal is registered with the Securities and Exchange Commission.
The bonds features a special mandatory redemption at 101 cents
on the dollar in the event that acquisition isn't consummated on or
before April 2012.
Lead underwriters are Credit Suisse, J.P. Morgan, UBS Investment
Bank and Wells Fargo Securities.
Energy Transfer Partners and Energy Transfer Equity LP reported
on July 19 that they had signed an amended definitive agreement to
acquire an indirect 50% interest in Citrus Corp, for $2
billion.
Citrus Corp. is currently jointly owned by Southern Union
Company (SUG) and El Paso Corp. (EP).
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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