Energy Transfer Prices Public Offering Of 4.25% Senior Notes, Due 2023 For US$1 Billion

Published: Oct 03 2017
Deal Summary

Energy Transfer Equity, L.P., a midstream company, priced the public offering of 4.25% senior notes, due March 15, 2023, for gross proceeds of US$1,000 million (MM). The company expects to receive net proceeds of approximately US$990 MM. The notes are priced at 99% of the principal amount to yield 4.25% on maturity. Interest on the notes will be payable semi-annually on March 15 and September 15 of each year, beginning on March 15, 2018.

Morgan Stanley & Co. LLC, Mizuho Securities USA LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., Natixis Securities Americas LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., and TD Securities (USA) LLC are acting as joint book-running managers, while CIBC World Markets Corp. and Fifth Third Securities, Inc. are acting as underwriters to the company for the offering. Latham & Watkins LLP is acting as legal advisor to the company for the offering.

The company intends to use the proceeds from the offering to repay a portion of the outstanding indebtedness under its senior secured term loan facility, and for general partnership purposes.

The offering is expected to be completed by October 18, 2017, subject to customary closing conditions.

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