Published on 9/15/2010 in the Prospect News High Yield Daily.
New Issue: Energy Transfer Equity prices upsized $1.8 billion 10-year notes at par to yield 7½%
By Paul A. Harris
St. Louis, Sept. 15 - Energy Transfer Equity, LP priced a massively upsized $1.8 billion issue of 10-year senior notes (Ba2/BB-) at par to yield 7½% on Wednesday, according to an informed source.
The yield printed on top of the price talk. The amount was increased from a planned $1 billion.
Credit Suisse, Morgan Stanley, Wells Fargo Securities, Bank of America Merrill Lynch, Citigroup and UBS Investment Bank were joint bookrunners.
The Dallas-based oil and gas pipeline company will use the proceeds to repay bank debt.
Issuer: | Energy Transfer Equity, LP
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Amount: | $1.8 billion (increased from $1billion)
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Maturity: | Oct. 15, 2020
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Securities: | Senior notes
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Bookrunners: | Credit Suisse, Morgan Stanley, Wells Fargo Securities, Bank of America Merrill Lynch, Citigroup, UBS Investment Bank
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Co-managers: | BNP Paribas, Deutsche Bank Securities, SunTrust Robinson Humphrey
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Coupon: | 7½%
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Price: | Par
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Yield: | 7½%
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Spread: | 488 bps
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Call protection: | Make-whole call at Treasuries plus 50 bps
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Change of control: | 101% put
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Trade date: | Sept. 15
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Settlement date: | Sept. 20
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB-
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Distribution: | Off shelf
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Price talk: | 7½%
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Marketing: | Quick to market
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