Institutional Shareholder Services Recommends Energy Transfer Partners, L.P. Unitholders Vote for Merger with Sunoco Logistic...
April 14 2017 - 3:27PM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) today
announced that Institutional Shareholder Services (“ISS”), a
leading independent proxy advisory firm, has recommended that ETP
unitholders vote "FOR" approval of the proposed merger with Sunoco
Logistics Partners L.P. (NYSE: SXL), which will be considered at
the April 26, 2017 special meeting of ETP unitholders. ETP
unitholders of record as of the close of business on February 27,
2017 will be entitled to vote at the meeting. As previously
announced under the terms of the merger agreement, holders of ETP
common units will receive 1.5 SXL common units for each ETP common
unit.
ETP’s Board of Directors has recommended that ETP unitholders
vote in favor of the merger by completing and returning their proxy
card. ETP’s unitholders are reminded that their vote is important.
Unitholders may be able to vote their common units by telephone or
the Internet if their units are held by a broker or other nominee.
If ETP unitholders do not vote, it will have the same effect as a
vote against approval of the merger. ETP unitholders are advised
that if they have any questions or need any assistance in voting
their units, they should contact ETP’s proxy solicitor, MacKenzie
Partners, Inc., by telephone at (800) 322-2885 toll free.
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 in Sunoco Logistics Partners L.P. (NYSE: SXL), which
operates a geographically diverse portfolio of crude oil and
refined products pipelines, terminalling and crude oil acquisition
and marketing assets. ETP’s general partner is owned by Energy
Transfer Equity, L.P. For more information, visit the Energy
Transfer Partners, L.P. website at www.energytransfer.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes “forward-looking” statements.
Forward-looking statements are identified as any statement that
does not relate strictly to historical or current facts. Statements
using words such as “anticipate,” “believe,” “intend,” “project,”
“plan,” “expect,” “continue,” “estimate,” “goal,” “forecast,” “may”
or similar expressions help identify forward-looking statements.
SXL and ETP cannot give any assurance that expectations and
projections about future events will prove to be correct.
Forward-looking statements are subject to a variety of risks,
uncertainties and assumptions. These risks and uncertainties
include the risks that the proposed transaction may not be
consummated or the benefits contemplated therefrom may not be
realized. Additional risks include: the ability to obtain requisite
regulatory and unitholder approval and the satisfaction of the
other conditions to the consummation of the proposed transaction,
the ability of SXL to successfully integrate ETP’s operations and
employees and realize anticipated synergies and cost savings, the
potential impact of the announcement or consummation of the
proposed transaction on relationships, including with employees,
suppliers, customers, competitors and credit rating agencies, the
ability to achieve revenue, DCF and EBITDA growth, and volatility
in the price of oil, natural gas, and natural gas liquids. Actual
results and outcomes may differ materially from those expressed in
such forward-looking statements. These and other risks and
uncertainties are discussed in more detail in filings made by SXL
and ETP with the SEC, which are available to the public. SXL and
ETP undertake no obligation to update publicly or to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Additional Information and Where to Find It
SXL has filed with the SEC a registration statement on Form S-4,
which includes a proxy statement of ETP that also constitutes a
prospectus of SXL (the “Proxy Statement/Prospectus”). The
registration statement on Form S-4 was declared effective by the
SEC on March 24, 2017, and the definitive Proxy
Statement/Prospectus will be delivered to ETP common unitholders of
record as of February 27, 2017. SECURITY HOLDERS ARE URGED TO
READ THE PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT
REGARDING THE TRANSACTION CAREFULLY. These documents and any other
documents filed by SXL or ETP with the SEC, may be obtained free of
charge at the SEC’s website, at www.sec.gov. In addition, the
definitive Proxy Statement/Prospectus and other documents filed
with the SEC are available free of charge on ETP’s website at
www.energytransfer.com within the “Investor Relations” section, and
investors and security holders may obtain free copies of the
registration statement and the Proxy Statement/Prospectus by phone,
e-mail or written request by contacting the investor relations
department of SXL or ETP at the following:
Sunoco Logistics Partners L.P. Energy
Transfer Partners, L.P. 3807 West Chester Pike 811
Westchester Drive, Suite 600 Newtown Square, PA 19073
Dallas, TX 75225 Attention: Investor Relations Attention:
Investor Relations Phone: (866) 248-4344 (Toll Free) Phone:
214-981-0795
Participants in the Solicitation
SXL, ETP and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies in
connection with the proposed merger. Information regarding the
directors and executive officers of SXL is contained in SXL’s Form
10-K for the year ended December 31, 2016, which was filed
with the SEC on February 24, 2017. Information regarding the
directors and executive officers of ETP is contained in ETP’s Form
10-K for the year ended December 31, 2016, which was filed
with the SEC on February 24, 2017. Additional information
regarding the interests of participants in the solicitation of
proxies in connection with the proposed merger will be included in
the proxy statement/prospectus.
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version on businesswire.com: http://www.businesswire.com/news/home/20170414005278/en/
Energy TransferInvestor Relations:Helen Ryoo,
Lyndsay Hannah, Brent Ratliff, 214-981-0795orMedia
Relations:Vicki Granado, 214-981-0761
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