Published on 11/14/2013 in the Prospect News High Yield Daily.
New Issue: Energy Transfer prices $450 million 10-year bullet notes at 5 7/8%
By Paul A. Harris
Portland, Ore., Nov. 14 - Energy Transfer Equity, LP priced a $450 million issue of non-callable 10-year senior notes (Ba2/BB) at par to yield 5 7/8% on Thursday, according to a syndicate source.
The deal was ultimately upsized by $50 million. The size was reduced to $450 million from $500 million subsequent to an earlier upsizing to $500 million from $400 million.
The yield printed on top of yield talk.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. were the joint global coordinators and joint bookrunners.
Barclays, BofA Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, RBS Securities Inc. and UBS Securities LLC were also joint bookrunners.
The Dallas-based midstream services provider plans to use the proceeds to finance the tender offer for its 7½% senior notes due 2020.
| Issuer: | Energy Transfer Equity, LP
|
| Amount: | $450 million, decreased from $500 million subsequent to having been upsized to $500 million from $400 million
|
| Maturity: | Jan. 15, 2024
|
| Securities: | Senior notes
|
| Joint global coordinators: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Joint bookrunners: | Credit Suisse, Deutsche Bank, Citigroup, Goldman Sachs, Barclays, BofA Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, RBS Securities Inc., UBS Securities LLC
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 318 bps
|
| Call protection: | Make-whole call until Oct. 15, 2023, then callable at par
|
| Trade date: | Nov 14
|
| Settlement date: | Dec. 2
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5 7/8%
|
| Marketing: | Quick-to-market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
