New Issue: Energy Transfer Equity sells upsized $1 billion 4¼% 5.5-year secured bullet notes at par

By Paul A. Harris

Portland, Ore., Oct. 3 – Energy Transfer Equity, LP priced an upsized $1 billion issue of 5.5-year senior secured bullet notes (Ba2/BB-/BB+) at par to yield 4¼% on Tuesday, according to a syndicate source.

The issue size was increased from $750 million.

The yield printed on top of yield talk in the 4¼% area.

Morgan Stanley & Co. LLC, Mizuho Securities, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., MUFG, Natixis Securities, Scotia Capital, SMBC Nikko and TD Securities were the joint bookrunners.

The Dallas-based midstream oil and gas company plans to use the proceeds to pay down its term loan facility and for general partnership purposes.

Issuer:	Energy Transfer Equity, LP
Amount:	$1 billion, increased from $750 million
Maturity:	March 15, 2023
Securities:	Senior secured notes
Bookrunners:	Morgan Stanley & Co. LLC, Mizuho Securities, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., MUFG, Natixis Securities, Scotia Capital, SMBC Nikko, TD Securities
Co-managers:	CIBC, Fifth Third
Coupon:	4¼%
Price:	Par
Yield:	4¼%
Spread:	266 bps
Call protection:	Make-whole call at Treasuries plus 50 bps, otherwise non-callable
Trade date:	Oct. 3
Settlement date:	Oct. 18
Ratings:	Moody's: Ba2
	S&P: BB-
	Fitch: BB+
Distribution:	SEC registered
Price talk:	4¼% area
Marketing:	Quick to market

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