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Home>Energy Transfer Equity Announces Pricing of 4.25% Senior Notes Due 2023

Energy Transfer Equity Announces Pricing of 4.25% Senior Notes Due 2023

Energy Transfer Equity Announces Pricing of 4.25% Senior Notes Due 2023

10/04/2017

Energy Transfer Equity Announces Pricing of 4.25% Senior Notes Due 2023

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. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, New York 10014
Phone: (866) 718-1649
prospectus@morganstanley.com

Mizuho Securities USA LLC
320 Park Avenue – 12th Floor
New York, New York 10022
Attn: Debt Capital Markets
Phone: (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.

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