Published on 10/3/2017 in the Prospect News High Yield Daily.
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
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Amount: | $1 billion, increased from $750 million
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Maturity: | March 15, 2023
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Securities: | Senior secured notes
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Bookrunners: | Morgan Stanley & Co. LLC, Mizuho Securities, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., MUFG, Natixis Securities, Scotia Capital, SMBC Nikko, TD Securities
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Co-managers: | CIBC, Fifth Third
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Coupon: | 4¼%
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Price: | Par
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Yield: | 4¼%
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Spread: | 266 bps
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Call protection: | Make-whole call at Treasuries plus 50 bps, otherwise non-callable
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Trade date: | Oct. 3
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Settlement date: | Oct. 18
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Ratings: | Moody's: Ba2
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| S&P: BB-
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| Fitch: BB+
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Distribution: | SEC registered
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Price talk: | 4¼% area
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Marketing: | Quick to market
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