Energy Transfer Equity to price $1.75 billion of senior notes in two tranches Jan. 18 week

By Paul A. Harris

St. Louis, Jan. 20 - Energy Transfer Equity, LP plans to price $1.75 billion of senior notes with maturities of 2017 and 2020 (Ba2//BB) before the end of the week, according to an informed source.

Credit Suisse Securities, Morgan Stanley & Co., Wells Fargo Securities, Bank of America Merrill Lynch and UBS Investment Bank are joint bookrunners for the offering that has been registered with the Securities and Exchange Commission.

BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are co-managers.

Proceeds, together with a new $200 million revolving credit facility, will be used to take out the partnership's existing $500 million revolver and term loan and to terminate its interest rate swap agreements.

Energy Transfer Equity is a publicly traded Delaware limited partnership that directly and indirectly owns equity interests in Energy Transfer Partners, which owns and operates energy assets, including intrastate natural gas gathering and transportation pipelines, an interstate pipeline, and natural gas treating and processing assets.

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