UPDATE: Energy Transfer Partners Sells $2 Billion in US Debt Markets Monday -Source
January 09 2012 - 6:43PM
Dow Jones News
Energy Transfer Partners LP (ETP) completed its $2 billion,
two-part bond sale in the U.S. credit markets Monday, according to
a person familiar with the matter.
The company sold $1 billion of 5.20% coupon, 10-year notes
priced to yield 5.231%, for a spread to Treasurys of 325 basis
points, and $1 billion of 6.50% coupon, 30-year bonds for a spread
of 350 basis points.
Energy Transfer Partners is raising money in connection with its
50% acquisition of Citrus Corp., owner of the Florida Gas
Transmission pipeline system.
The bonds were rated Baa3 by Moody's Investors Service and
BBB-minus by 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 were 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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