Simpson Thacher represented the underwriters, led by Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., in connection with a registered offering by Energy Transfer Equity, L.P. (“ETE”) of $450 million aggregate principal amount of its 5.875% Senior Notes due 2024. The Firm also represented Credit Suisse Securities (USA) LLC, other lead arrangers, Credit Suisse AG, Cayman Islands Branch, and other lenders in connection with a new $1 billion senior secured term loan facility and a new $600 million revolving credit facility.
ETE used the net proceeds from the issuance of the notes, together with a portion of the borrowings under its new credit facilities, to fund a cash tender offer for approximately $600 million aggregate principal amount of its 7.500% Senior Notes due 2020. The Firm also represented Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. in their capacity as dealer managers in the tender offer.
ETE is a master limited partnership which directly and indirectly owns equity interests in Energy Transfer Partners, L.P. and Regency Energy Partners LP, both of which are publicly-traded master limited partnerships engaged in diversified energy-related services. The Energy Transfer family of companies owns more than 56,000 miles of natural gas, natural gas liquids, refined products and crude oil pipelines.
The Simpson Thacher team for the transaction included Andy Keller, Art Robinson, Lauren Yoon, Joia Lee, Julianna Manzi, Phong Quan and Chan-young Yang (Capital Markets), Robert Rabalais, Brett Pearlman and Roald Nashi (Credit), Jonathan Cantor and Taylor Alexander (Tax), Brian Chisling, Elliot Weingarten and Abram Ellis (Regulatory), Jamin Koslowe and Sarah Naseman (Executive Compensation and Employee Benefits), Marcela Robledo (Intellectual Property), Michael Isby (Environmental), Mardi Merjian (Real Estate), Jennie Getsin (Blue Sky) and Janet Nadile and Linda Daugherty (UCC/Collateral).