New Issue: Energy Transfer Equity prices upsized $1.8 billion 10-year notes at par to yield 7½%

By Paul A. Harris

St. Louis, Sept. 15 - Energy Transfer Equity, LP priced a massively upsized $1.8 billion issue of 10-year senior notes (Ba2/BB-) at par to yield 7½% on Wednesday, according to an informed source.

The yield printed on top of the price talk. The amount was increased from a planned $1 billion.

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

The Dallas-based oil and gas pipeline company will use the proceeds to repay bank debt.

Issuer:	Energy Transfer Equity, LP
Amount:	$1.8 billion (increased from $1billion)
Maturity:	Oct. 15, 2020
Securities:	Senior notes
Bookrunners:	Credit Suisse, Morgan Stanley, Wells Fargo Securities, Bank of America Merrill Lynch, Citigroup, UBS Investment Bank
Co-managers:	BNP Paribas, Deutsche Bank Securities, SunTrust Robinson Humphrey
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	488 bps
Call protection:	Make-whole call at Treasuries plus 50 bps
Change of control:	101% put
Trade date:	Sept. 15
Settlement date:	Sept. 20
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
Distribution:	Off shelf
Price talk:	7½%
Marketing:	Quick to market

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