By Paul A. Harris
Portland, Ore., May 22 - Energy Transfer Equity, LP priced an upsized $700 million tack-on to its non-callable 5 7/8% senior notes due Jan. 15, 2024 (Ba2/BB) at 102 to yield 5.602% on Thursday, according to a syndicate source.
The deal was upsized from $500 million.
The reoffer price came on top of price talk.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the joint bookrunners.
The Dallas-based midstream services provider plans to use the proceeds to refinance bank debt.
Issuer Energy Transfer Equity, LP
| Face amount: | $700 million, increased from $500 million
|
| Maturity: | Jan. 15, 2024
|
| Security description: | Tack-on to 5 7/8% senior notes due Jan. 15, 2024
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Coupon: | 5 7/8%
|
| Price: | 102
|
| Yield to worst: | 5.602%
|
| Spread: | 311 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 22
|
| Settlement date: | May 28
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 102
|
| Marketing: | Quick to market
|
| Original issue: | $450 million priced at par on Nov. 14, 2013
|
| Fungibility: | Upon registration the tack-on notes will be fungible with the original notes
|
| Total issue size: | $1.15 billion
|
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