Energy Transfer Equity to price 12-year bullet in Tuesday drive-by

By Paul A. Harris

Portland, Ore., May 19 – Energy Transfer Equity, LP plans to price a benchmark offering of senior notes due June 2027 (existing ratings Ba2/BB) Tuesday afternoon, according to an informed source.

An investor conference call was scheduled to get underway at 11:30 a.m. ET on Tuesday.

Joint active physical bookrunner Morgan Stanley & Co. LLC will bill and deliver for the publicly offered bullet deal. Deutsche Bank Securities Inc. is also a joint active physical bookrunner.

The 12-year notes feature a par call three months prior to maturity but are otherwise non-callable. The notes also feature a 101% poison put.

The Dallas-based midstream oil and gas company plans to use the proceeds to repay bank debt and for general corporate purposes.

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