Energy Transfer & Sunoco Logistics Complete Previously Announced Project Financing for Dakota Access & Closing of a Sale of a...
February 15 2017 - 5:18PM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco
Logistics Partners L.P. (NYSE:SXL) today announced that they
have successfully completed approximately $3.4 billion of committed
debt financing and equity transactions, including the project
financing for the Dakota Access Pipeline (“DAPL”) and Energy
Transfer Crude Oil Pipeline (“ETCOP”) projects (collectively the
“Bakken Pipeline”), as well as the closing of the previously
announced sale by ETP and SXL of a 36.75% interest in the Bakken
Pipeline to MarEn Bakken Company LLC (“MarEn”), an entity jointly
owned by MPLX LP and Enbridge Energy Partners, L.P.
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The completion of the project-level financing for the Bakken
Pipeline provided Dakota Access, LLC with access to the remaining
$1.4 billion of cash proceeds under the previously announced $2.5
billion project financing facility, which Dakota Access will use to
fund construction costs for its pipeline project.
Upon closing of the sale of a minority interest in the Bakken
Pipeline to MarEn, ETP and SXL received $1.2 billion and $800
million in cash, respectively, which ETP and SXL plan to use to pay
down debt and help fund current growth projects. As a result of
this closing, ownership in the Bakken Pipeline is now as
follows: ETP/SXL – 38.25%, MarEn 36.75% and P66 – 25%. ETP and SXL
own 60% and 40%, respectively, of the combined 38.25% equity
interest in the Bakken Pipeline.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership that owns and operates one of the largest and
most diversified portfolios of energy assets in the United States.
ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP
(the successor of Southern Union Company) and Lone Star NGL LLC,
which owns and operates natural gas liquids storage, fractionation
and transportation assets. In total, ETP currently owns and
operates more than 62,500 miles of natural gas and natural gas
liquids pipelines. ETP also owns the general partner, 100% of the
incentive distribution rights, and approximately 67.1 million
common units of Sunoco Logistics Partners L.P. (NYSE: SXL), which
operates a geographically diverse portfolio of pipelines,
terminalling and acquisition and marketing assets. ETP recently
acquired the general partner, 100% of the incentive distribution
rights, and an approximate 65% limited partnership interest in
PennTex Midstream Partners, LP (Nasdaq: PTXP), which is a
growth-oriented master limited partnership that provides natural
gas gathering and processing and residue gas and natural gas
liquids transportation services to producers in northern Louisiana.
ETP’s general partner is owned by Energy Transfer Equity, L.P.
(NYSE: ETE). For more information, visit the Energy Transfer
Partners, L.P. website at www.energytransfer.com.
Sunoco Logistics Partners L.P. (NYSE: SXL) is a
master limited partnership that owns and operates a logistics
business consisting of a geographically diverse portfolio of
complementary crude oil, refined products, and natural gas liquids
pipeline, terminalling and acquisition and marketing assets which
are used to facilitate the purchase and sale of crude oil, refined
products, and natural gas liquids. SXL’s general partner is a
consolidated subsidiary of Energy Transfer Partners,
L.P. (NYSE: ETP). For more information, visit the Sunoco
Logistics Partners L.P. website
at www.sunocologistics.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management’s control. An extensive list of factors that can affect
future results are discussed in ETP’s Annual Reports on Form 10-K
and other documents filed from time to time with the Securities and
Exchange Commission. ETP undertakes no obligation to update or
revise any forward-looking statement to reflect new information or
events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170215006340/en/
Energy TransferInvestor Relations:Helen Ryoo,
Brent Ratliff or Lyndsay Hannah, 214-981-0795orMedia
Relations:Granado Communications GroupVicki Granado,
214-599-8785Cell: 214-498-9272orSunoco LogisticsInvestor
Relations:Peter Gvazdauskas, 215-977-6322orMedia
Relations:Jeff Shields, 215-977-6056
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