By Paul A. Harris
Portland, Ore., May 19 – Energy Transfer Equity, LP priced a $1 billion issue of 5½% 12-year senior notes (Ba2/BB/BB+) at 98.5 to yield 5.674% on Tuesday, according to an informed source.
Price talk was 5 5/8% to 5¾%.
The quick-to-market deal was announced at benchmark size earlier in the day.
Joint bookrunner Morgan Stanley & Co. LLC will bill and deliver. Deutsche Bank Securities Inc. was also a joint active physical bookrunner.
The 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.
| Issuer: | Energy Transfer Equity, LP
|
| Face amount: | $1 billion
|
| Proceeds: | $985 million
|
| Maturity: | June 1, 2027
|
| Securities: | Senior Notes
|
| Bookrunners: | Morgan Stanley & Co. LLC (bill and deliver), Deutsche Bank Securities Inc.
|
| Coupon: | 5½%
|
| Price: | 98.5
|
| Yield: | 5.674%
|
| Spread: | 323 bps
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 5 5/8% to 5¾%
|
| 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.
