Fitch assigns Energy Transfer notes BB

Fitch Ratings said it assigned a BB rating to Energy Transfer Equity, LP's offering of $1 billion senior notes due 2020.

note proceeds will be used to repay all borrowings outstanding under its existing $500 million secured revolving credit facility, repay a portion of its $1.45 billion secured term loan due Nov. 2012 and related interest swap breakage costs, and to pay transaction fees and expenses, according to the agency.

Fitch said it also assigned a BB rating to Energy Transfer's $200 million five-year secured revolving credit facility maturing in Sept. 2015, which will close contemporaneously with the retirement of the existing revolving credit facility.

The outlook is stable.

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