Simpson Thacher represented the initial purchasers, led by Credit Suisse Securities (USA), in connection with a Rule 144A/Regulation S offering by Energy Transfer Equity, L.P. (“ETE”) of $700 million aggregate principal amount of its 5.875% Senior Notes due 2024. The notes represent a further issuance of 5.875% Senior due 2024.
ETE intends to use the net proceeds from the issuance of the notes to repay indebtedness outstanding under its revolving credit facility, and the remaining net proceeds will be used for general partnership purposes.
ETE is a master limited partnership which directly and indirectly owns equity interests in Energy Transfer Partners, L.P., Regency Energy Partners LP and Sunoco Logistics Partners L.P., all 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 Marisa Stavenas, Art Robinson, Jonathan Ozner, Rodrigo Surcan dos Santos and Shelly Lin (Capital Markets), Robert Rabalais and Brett Pearlman (Credit), Jonathan Cantor and Taylor Alexander (Tax), Brian Chisling, Elliot Weingarten and Abram Ellis (Regulatory), Jamin Koslowe and Joo Hyun Lee (Executive Compensation and Employee Benefits), Marcela Robledo (Intellectual Property), Michael Isby (Environmental), Mardi Merjian (Real Estate), Jennie Getsin (Blue Sky) and Jonathan Pall (UCC/Collateral). Summer Associate Kerry Fulham provided valuable assistance.