DALLAS--(BUSINESS WIRE)--Apr. 1, 2013--
Energy Transfer Equity, L.P. (NYSE:ETE)
announced today it has completed the redemption of all 3,000,000 of
its outstanding Series A Convertible Preferred Units (“Preferred Units”)
from Regency GP Acquirer L.P., an affiliate of GE Energy Financial
Services (“GE Regency”).
ETE paid $305.9 million in cash to GE Regency as consideration for the
Preferred Units, which represented principal and accrued and unpaid
distributions payable thereon. Prior to the redemption, on March 28,
2013, ETE also paid GE Regency $40 million in cash in exchange for GE
Regency relinquishing its right to receive any premium in connection
with a future redemption or conversion of the Preferred Units.
The redemption of the Preferred Units, which were originally issued May
26, 2010 when ETE acquired the general partner and incentive
distribution rights of Regency Energy Partners:
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represents another important step in ETE’s commitment to simplify its
partnership structure;
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removes a higher cost component of ETE’s capital;
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removes any overhang possibility that otherwise existed with the
potential conversion of these Preferred Units into ETE common units;
and
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is another clear indication of ETE’s financial strength and ability to
optimize financial resources.
ETE entered into a $275 million short-term bridge facility to partially
fund the redemption and expects to permanently finance the redemption as
part of ETE’s previously announced transactions to simplify its
structure.
Energy Transfer Equity, L.P. (NYSE:ETE)
is a master limited partnership, which owns the general partner and 100%
of the incentive distribution rights (IDRs) of Energy Transfer Partners,
L.P. (NYSE:ETP) and approximately 50.2 million ETP limited partner
units; and owns the general partner and 100% of the IDRs of Regency
Energy Partners LP (NYSE:RGP) and approximately 26.3 million RGP limited
partner units. The ETE family of companies owns more than 70,000 miles
of natural gas, natural gas liquids, refined products, and crude
pipelines. For more information, visit the Energy Transfer Equity, L.P.
web site at www.energytransfer.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject to a
variety of known and unknown risks, uncertainties, and other factors
that are difficult to predict and many of which are beyond management’s
control. An extensive list of factors that can affect future results are
discussed in the Partnership’s Annual Reports on Form 10-K and other
documents filed from time to time with the Securities and Exchange
Commission. The Partnership undertakes no obligation to update or revise
any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our
website at www.energytransfer.com.
Source: Energy Transfer Equity, L.P
Investor Relations:
Energy Transfer
Brent Ratliff,
214-981-0700
or
Media Relations:
Granado
Communications Group
Vicki Granado, 214-599-8785
214-498-9272
(cell)