By Aleesia Forni
Virginia Beach, June 18 – Energy Transfer Partners LP priced $3 billion of senior notes (Baa3/BBB-/) in four parts, according to a market source.
The sale included $650 million of 2.5% notes due June 15, 2018 priced at Treasuries plus 150 basis points. Pricing was at 99.946 to yield 2.519%.
A $350 million add-on to the company’s existing 4.15% notes due Oct. 1, 2020 priced at 103.113 to yield 3.479% with a spread of Treasuries plus 185 bps.
The original $700 million issue sold at Treasuries plus 185 bps on Sept. 12, 2013.
There was also $1 billion of 4.75% notes due Jan. 15, 2026 priced at 99.275 to yield 4.838%, or Treasuries plus 250 bps.
A $1 billion 6.125% note due Dec. 15, 2045 sold at 99.619 to yield 6.153%. The notes priced with a spread of Treasuries plus 300 bps.
Deutsche Bank Securities Inc., MUFG and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds will be used to repay borrowings outstanding under the company’s revolving credit facility, to fund growth capital expenditures and for general partnership purposes.
The energy gathering and transportation company is based in Dallas.
| Issuer: | Energy Transfer Partners LP
|
| Issue: | Senior notes
|
| Amount: | $3 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., MUFG, Wells Fargo Securities LLC
|
| Trade date: | June 18
|
| Settlement date: | June 23
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Notes due 2018
|
| Amount: | $650 million
|
| Maturity: | June 15, 2018
|
| Coupon: | 2.5%
|
| Price: | 99.946
|
| Yield: | 2.519%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 155 bps area
|
|
|
| Notes due 2020
|
| Amount: | $350 million
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 4.15%
|
| Price: | 103.113
|
| Yield: | 3.479%
|
| Spread: | Treasuries plus 185 bp
|
| Price guidance: | Treasuries plus 190 bps area
|
| Total issue size: | $1.05 billion
|
|
|
| Notes due 2026
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2026
|
| Coupon: | 4.75%
|
| Price: | 99.275
|
| Yield: | 4.838%
|
| Spread: | Treasuries plus 250 bps
|
| Price guidance: | Treasuries plus 255 bps area
|
|
|
| Notes due 2045
|
| Amount: | $1 billion
|
| Maturity: | Dec. 15, 2045
|
| Coupon: | 6.125%
|
| Price: | 99.619
|
| Yield: | 6.153%
|
| Spread: | Treasuries plus 300 bps
|
| Price guidance: | Treasuries plus 305 bps area
|
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