Energy Transfer Partners LP (ETP) completed its $2 billion, two-part bond sale in the U.S. credit markets Monday, according to a person familiar with the matter.

The company sold $1 billion of 5.20% coupon, 10-year notes priced to yield 5.231%, for a spread to Treasurys of 325 basis points, and $1 billion of 6.50% coupon, 30-year bonds for a spread of 350 basis points.

Energy Transfer Partners is raising money in connection with its 50% acquisition of Citrus Corp., owner of the Florida Gas Transmission pipeline system.

The bonds were rated Baa3 by Moody's Investors Service and BBB-minus by Standard & Poor's and Fitch Ratings. The deal is registered with the Securities and Exchange Commission.

The bonds features a special mandatory redemption at 101 cents on the dollar in the event that acquisition isn't consummated on or before April 2012.

Lead underwriters were Credit Suisse, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities.

Energy Transfer Partners and Energy Transfer Equity LP reported on July 19 that they had signed an amended definitive agreement to acquire an indirect 50% interest in Citrus Corp, for $2 billion.

Citrus Corp. is currently jointly owned by Southern Union Company (SUG) and El Paso Corp. (EP).

-By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

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