By Aleesia Forni
Virginia Beach, Va., Sept. 12 - Energy Transfer Partners LP priced $1.5 billion of senior unsecured notes (Baa3/BBB-/BBB-) in three parts on Thursday, according to an informed source and an FWP filed with the Securities and Exchange Commission.
A $700 million issue of 4.15% notes due 2020 was sold at Treasuries plus 185 basis points, or 99.829 to yield 4.178%.
There was also $350 million of 4.9% notes due 2024 priced with a spread of Treasuries plus 210 bps.
Pricing was at 99.181 to yield 5.003%.
Finally, the company sold a $450 million issue of 5.95% 30-year senior notes with a spread of Treasuries plus 225 bps, or 97.647 to yield 6.122%.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and UBS Securities LLC were the joint bookrunners.
Proceeds will be used to repay borrowings outstanding under a revolving credit facility.
The energy gathering and transportation company is based in Dallas.
| Issuer: | Energy Transfer Partners LP
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., UBS Securities LLC
|
| Co-managers: | BBVA Securities Inc., DNB Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc.
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
|
|
| Seven-year notes
|
| Amount: | $700 million
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 4.15%
|
| Price: | 99.829
|
| Yield: | 4.178%
|
| Spread: | Treasuries plus 185 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to Aug. 1, 2020, then callable at par
|
|
|
| 10.5-year notes
|
| Amount: | $350 million
|
| Maturity: | Feb. 1, 2024
|
| Coupon: | 4.9%
|
| Price: | 99.181
|
| Yield: | 4.903%
|
| Spread: | Treasuries plus 210 bps
|
| Make-whole call: | Treasuries plus 35 bps prior to Nov. 1, 2023, then callable at par
|
|
|
| Thirty-year bond
|
| Amount: | $450 million
|
| Maturity: | Oct. 1, 2043
|
| Coupon: | 5.95%
|
| Price: | 97.647
|
| Yield: | 6.122%
|
| Spread: | Treasuries plus 225 bps
|
| Make-whole call: | Treasuries plus 37.5 bps prior to April 1, 2043, then callable at par
|
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