Energy Transfer Equity, L.P. (NYSE: ETE) today announced that it
has launched the syndication of a new senior secured term loan credit
facility. ETE intends to use the net proceeds from the new term loan
facility to refinance its existing $900 million senior secured term loan
credit facility and for general partnership purposes, including possibly
funding some or all of its previously announced tender offer for up to
$400 million of its 7.50% Senior Notes due 2020. The closing of the new
term loan credit facility is anticipated to occur in the first week of
December 2013.
In conjunction with the new term loan facility and tender offer, the
Partnership is also finalizing a new five-year revolving credit facility
for up to $600 million. There can be no assurance that the Partnership
will successfully refinance its existing term loan credit facility or
raise adequate funds for the tender from any intended new issuance of
senior secured notes or any term loan financing.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master limited
partnership which owns the general partner and 100% of the incentive
distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE:
ETP), approximately 49.6 million ETP common units, and approximately
50.2 million ETP Class H Units, which track 50% of the underlying
economics of the general partner interest and the IDRs of Sunoco
Logistics Partners L.P. (NYSE: SXL). ETE also owns the general partner
and 100% of the IDRs of Regency Energy Partners LP (NYSE: RGP) and
approximately 26.3 million RGP common units. The Energy Transfer family
of companies owns more than 56,000 miles of natural gas, natural gas
liquids, refined products, and crude oil pipelines.
Energy Transfer Partners, L.P. (NYSE:ETP) is a master limited
partnership owning and operating one of the largest and most diversified
portfolios of energy assets in the United States. ETP currently owns and
operates approximately 43,000 miles of natural gas, natural gas liquids,
refined products, and crude oil pipelines. ETP owns 100% of ETP Holdco
Corporation, which owns Southern Union Company and Sunoco, Inc., and a
70% interest in Lone Star NGL LLC, a joint venture that owns and
operates natural gas liquids storage, fractionation and transportation
assets. ETP also owns the general partner, 100% of the incentive
distribution rights, and approximately 33.5 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 ETE.
Regency Energy Partners LP (NYSE:RGP) is a growth-oriented,
midstream energy partnership engaged in the gathering and processing,
contract compression, treating and transportation of natural gas and the
transportation, fractionation and storage of natural gas liquids. RGP
also holds a 30% interest in Lone Star NGL LLC, a joint venture that
owns and operates natural gas liquids storage, fractionation, and
transportation assets in Texas, Louisiana and Mississippi. Regency’s
general partner is owned by Energy Transfer Equity, L.P. (NYSE:ETE).
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 the Partnership’s Annual Reports on Form 10-K and other
documents filed from time to time with the Securities and Exchange
Commission. The Partnership undertakes no obligation to update or revise
any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our
website at www.energytransfer.com.
Copyright Business Wire 2013