On Jun 18, natural gas transportation and storage firm, Energy Transfer Partners LP ETP announced the pricing of a four-part senior note offering, which totals $3 billion. The offering is expected to close on Jun 23.
The first offering – that of $650 million senior notes – with an interest rate of 2.500% and maturity due in 2018, were priced at 99.946% of face value.
The $350 million senior notes offering that carry an interest rate of 4.150% and due in 2020, was priced at 103.113% of face value. These notes would also provide accrued interest from Apr 1, 2015. These notes are part of an earlier $700 million offering announced on Sep 2013 and will be treated as the same series.
A third offering of $1 billion, carries an interest of 4.750% and is due to mature in 2026. These notes were priced at 99.275% of face value.
The final $1 billion offering, which carried an interest rate of 6.125% and is due to mature in 2045, was priced at 99.616% of face value.
Energy Transfer Partners expects to generate net proceeds of about $2.98 billion from the four-part offering. The company plans to utilize a portion of the proceeds to repay borrowings under its revolving credit facility. Any remaining proceeds would be used to finance growth projects and for other general partnership purposes.
Dallas, TX-based Energy Transfer Partners currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked players from the broader energy sector include BP p.l.c. BP, China Petroleum & Chemical Corp. SNP and EQT Midstream Partners, LP EQM. All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment