Energy Transfer Partners LP (NYSE:ETP) Reports Pricing of Common Unit Offering


Energy Transfer Partners LP (NYSE:ETP) posted it has priced its previously reported underwritten public offering of 54 million common units showcasing limited partner interests at $18.65/common unit. Net proceeds from the public will be used by company to repay amounts due as per its revolving credit facilities, for general partnership objectives and to support capital expenditures. The offering is planned to close on August 18, 2017. Energy Transfer also allowed the underwriter a 30-day alternative to buy up to an aggregate of 8.1 million additional common units.

The details

Energy Transfer Equity LP (NYSE:ETE) is a master limited association that owns the general partner and entire of the IDRs of Energy Transfer Partners and Sunoco LP (NYSE:SUN). On a consolidated basis, Energy Transfer Equity’s family of firms owns and manages a diverse portfolio of natural gas liquids, crude oil, natural gas, and refined products assets, and wholesale and retail motor fuel businesses and LNG terminalling.

Earlier Energy Transfer Equity reported that its net income came at $212 million for the quarter closed June 30, 2017 as against $241 million for the same period, a year earlier. Distributable Cash Flow for the quarter closed June 2017 came at $240 million as against $276 million for the quarter closed June 2016. The decline in net income as well as distributable cash flow were primarily led by a decline in incentive distributions as earlier agreed to between ETP and ETE, as well as the influence of the Sunoco Logistics Partners L.P. and Energy Transfer Partners merger in April 2017.

In July 2017, ETE reported a $0.285 distribution per common unit of Energy Transfer Equity for the quarter closed June 30, 2017, on an annualized basis. As of the close of June 2017, Energy Transfer Equity’s revolving credit facility of $1.5 billion had $1.20 billion of due borrowings and its leverage ratio was 3.81x.

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