By Andrea Heisinger
New York, May 9 - Energy Transfer Partners LP sold $1.5 billion of senior notes (Baa3/BBB-/BBB-) in two tranches on Monday, according to a market source and a press release.
An $800 million tranche of 4.65% 10-year notes priced at 99.679 to yield 4.69% with a spread of Treasuries plus 155 basis points. This was at the low end of guidance in the 160 bps area.
A $700 million tranche of 6.05% 30-year bonds sold at 99.747 to yield 6.068% with a spread of 175 bps over Treasuries. They priced at the tight end of talk in the 180 bps area.
Each has a make-whole call at Treasuries plus 25 bps.
Credit Suisse Securities (USA) LLC, RBS Securities Inc. and SunTrust Robinson Humphrey Inc. were active bookrunners. Passive bookrunners were BNP Paribas Securities Corp. and Deutsche Bank Securities Inc.
Co-managers were DnB NOR Markets Inc., RBC Capital Markets Corp., UBS Securities LLC, Mitsubishi UFJ Securities Corp. and U.S. Bancorp Investments Inc.
Proceeds will be used to repay borrowings under a revolving credit facility, to fund capital expenditures related to pipeline construction projects and for general corporate purposes.
The energy gathering and transportation company is based in Dallas.
| Issuer: | Energy Transfer Partners LP
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc. (active), BNP Paribas Securities Corp., Deutsche Bank Securities Inc. (passive)
|
| Co-managers: | DnB NOR Markets Inc., RBC Capital Markets Corp., UBS Securities LLC, Mitsubishi UFJ Securities Corp., U.S. Bancorp Investments Inc.
|
| Trade date: | May 9
|
| Settlement date: | May 12
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
|
|
| 10-year notes
|
| Amount: | $800 million
|
| Maturity: | June 1, 2021
|
| Coupon: | 4.65%
|
| Price: | 99.679
|
| Yield: | 4.69%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 160 bps area
|
|
|
| 30-year bonds
|
| Amount: | $700 million
|
| Maturity: | June 1, 2041
|
| Coupon: | 6.05%
|
| Price: | 99.747
|
| Yield: | 6.068%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 180 bps area
|
© 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.
