Energy Transfer Equity Announces Pricing of 4.25% Senior Notes Due 2023
October 03 2017 - 7:38PM
Business Wire
Energy Transfer Equity, L.P. (NYSE: ETE) today
announced the pricing of $1.0 billion aggregate principal amount of
its 4.25% senior notes due March 15, 2023
(the “Notes”). The Notes were priced at 99.0%, resulting in
total proceeds of approximately $990,000,000 (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 facility 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
October 18, 2017, subject to customary closing conditions.
ETE intends to use the net proceeds from the offering to repay a
portion of the outstanding indebtedness under ETE’s senior secured
term loan facility and for general partnership purposes.
Morgan Stanley and Mizuho Securities are acting as joint
book-running managers for the offering. The offering of the Notes
is being made pursuant to an effective shelf registration statement
and prospectus filed by ETE with the Securities and Exchange
Commission (“SEC”). The offering of the Notes 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, copies of which may be obtained from the following
addresses:
Morgan Stanley & Co. LLCAttn: Prospectus Department180
Varick Street, 2nd FloorNew York, New York 10014Phone: (866)
718-1649prospectus@morganstanley.com
Mizuho Securities USA LLC320 Park Avenue – 12th FloorNew York,
New York 10022Attn: Debt Capital MarketsPhone: (866) 271-7403
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.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master
limited partnership that owns the general partner and 100% of the
incentive distribution rights (IDRs) of Energy Transfer Partners,
L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns Lake
Charles LNG Company. On a consolidated basis, ETE’s family of
companies owns and operates a diverse portfolio of natural gas,
natural gas liquids, crude oil and refined products assets, as well
as retail and wholesale motor fuel operations and LNG
terminalling.
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. 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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version on businesswire.com: http://www.businesswire.com/news/home/20171003006622/en/
Investor Relations:Energy TransferBrent Ratliff, Lyndsay
Hannah, Helen Ryoo, 214-981-0795orMedia Relations:Vicki
Granado, Lisa Dillinger, 214-840-5820
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