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Fitch might lift Regency Energy
Fitch Ratings said it affirmed its ratings for Energy Transfer Equity, LP and Energy Transfer Partners, LP with a stable outlook.
In addition, the agency placed its ratings for Regency Energy Partners, LP on Rating Watch Positive following the announcement that Energy Transfer Partners is proposing to acquire Regency Energy in a unit-for-unit transaction valued at roughly $18 billion including the assumption Regency Energy debt.
In association with the proposed transaction, Energy Transfer Partners will assume all of Regency Energy’s outstanding senior debt and refinance any Regency Energy revolver borrowings. Energy Transfer Equity agreed to provide a five-year, incentive distribution rights subsidy of $320 million in support of the transaction.
The proposal has been reviewed and accepted by the boards of directors and conflicts committees of both Energy Transfer Partners and Regency Energy, and is expected to close in the second quarter of 2015 subject to Hart-Scott-Rodino approval and an Energy Transfer Partners and Regency Energy unitholder vote, Fitch said.
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