Energy Transfer Equity Announces Pricing of 4.25% Senior Notes Due 2023

DALLAS--(BUSINESS WIRE)--Energy Transfer Equity, L.P. (NYSE: ETE) today announced the pricing of $1.0 billion aggregate principal amount of its 4.25% senior notes due March 15, 2023 (the “Notes”). The Notes were priced at 99.0%, resulting in total proceeds of approximately $990,000,000 (before expenses). The Notes initially will be secured on a first-priority basis with the loans and obligations under ETE’s senior secured revolving credit facility, senior secured term loan facility and existing senior notes, by a lien on substantially all of ETE’s and certain of ETE’s subsidiaries’ tangible and intangible assets that from time to time secure ETE’s obligations under such indebtedness, subject to certain exceptions and permitted liens and subject to the terms of a collateral agency agreement. The liens securing the Notes will be released in full if liens do not secure more than a threshold level of senior obligations (so long as liens securing ETE’s existing senior notes are similarly released), after which the Notes will be unsecured. The Notes will be ETE’s senior obligations, ranking equally in right of payment with ETE’s other existing and future unsubordinated indebtedness and senior to any of ETE’s future subordinated indebtedness. The offering is expected to close on October 18, 2017, subject to customary closing conditions.