By Andrea Heisinger
New York, Dec. 18 - Energy Transfer Partners LP priced $600 million of 9.7% 10-year senior notes Thursday to yield Treasuries plus 878 basis points, according to market sources and an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB-/BBB-) priced at 99.928 to yield 9.7%. They have a make-whole call of Treasuries plus 50 bps.
The notes are also putable at par plus accrued interest on March 15, 2012.
Bookrunners were Morgan Stanley & Co., Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc. and Wachovia Capital Markets LLC.
Co-managers were Banc of America Securities LLC and SunTrust Robinson Humphrey Inc.
Proceeds will be used to repay debt outstanding under a revolving credit facility and for general corporate purposes.
The energy company is based in Dallas.
| Issuer: | Energy Transfer Partners LP
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | March 15, 2019
|
| Bookrunners: | Morgan Stanley & Co., Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc., Wachovia Capital Markets LLC
|
| Co-managers: | Banc of America Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 9.7%
|
| Price: | 99.928
|
| Yield: | 9.7%
|
| Spread: | Treasuries plus 878 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Put option: | At par plus interest on or after March 15, 2012
|
| Trade date: | Dec. 18
|
| Settlement date: | Dec. 23
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
© 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.
