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Credit Suisse to Agent Energy Transfer’s Credit Facilities

November 04, 2013, 08:01 AM
Filed Under: Energy
Related: Credit Suisse

Energy Transfer Equity, L.P. announced that it has launched the syndication of a new senior secured term loan credit facility. ETE intends to use the net proceeds from the new term loan facility to refinance its existing $900 million senior secured term loan credit facility and for general partnership purposes, including possibly funding some or all of its previously announced tender offer for up to $400 million of its 7.50% Senior Notes due 2020. The closing of the new term loan credit facility is anticipated to occur in the first week of December 2013.

In conjunction with the new term loan facility and tender offer, the Partnership is also finalizing a new five-year revolving credit facility for up to $600 million. There can be no assurance that the Partnership will successfully refinance its existing term loan credit facility or raise adequate funds for the tender from any intended new issuance of senior secured notes or any term loan financing.

An SEC filing from Nov. 1 indicates that Credit Suisse is serving as administrative agent on the current facilities, which were refinanced on Aug. 19, 2013. To view the filing relevant to the amended revolving credit facility, click here.

Energy Transfer Equity, L.P. is a master limited partnership which owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P., approximately 49.6 million ETP common units, and approximately 50.2 million ETP Class H Units, which track 50% of the underlying economics of the general partner interest and the IDRs of Sunoco Logistics Partners L.P. ETE also owns the general partner and 100% of the IDRs of Regency Energy Partners LP and approximately 26.3 million RGP common units. The Energy Transfer family of companies owns more than 56,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines.

Regency Energy Partners LP is a growth-oriented, midstream energy partnership engaged in the gathering and processing, contract compression, treating and transportation of natural gas and the transportation, fractionation and storage of natural gas liquids. RGP also holds a 30% interest in Lone Star NGL LLC, a joint venture that owns and operates natural gas liquids storage, fractionation, and transportation assets in Texas, Louisiana and Mississippi. Regency’s general partner is owned by Energy Transfer Equity, L.P.

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