Energy Transfer Equity pulls $1.75 billion note offering, cites market conditions for decision

By Paul A. Harris

St. Louis, Jan. 21 - Energy Transfer Equity, LP postponed its proposed $1.75 billion two-part senior note offering (Ba2//BB) on Thursday due to recent market conditions over the past several days, according to a press release from the company.

Credit Suisse Securities, Morgan Stanley & Co., Wells Fargo Securities, Bank of America Merrill Lynch and UBS Investment Bank were joint bookrunners.

Proceeds, together with a new $200 million revolving credit facility, were earmarked 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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