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Energy Transfer LP — Capital/Financing Update 2017
Oct 3, 2017
29979_rns_2017-10-03_26a5fa51-0812-465c-a760-c2ad2f65bb6b.zip
Capital/Financing Update
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Issuer Free Writing Prospectus dated October 3, 2017
Filed Pursuant to Rule 433
Registration No. 333-216451
ENERGY TRANSFER EQUITY, L.P.
$1,000,000,000 4.25% Senior Notes due 2023
Pricing Term Sheet
| Issuer: | Energy Transfer Equity, L.P. |
|---|---|
| Security Type: | Senior Notes |
| Issue Ratings (Moodys / S&P)*: | Ba2 / BB- |
| Pricing Date: | October 3, 2017 |
| Settlement Date: | October 18, 2017 (T + 10) |
| Maturity Date: | March 15, 2023 |
| Principal Amount: | $1,000,000,000 |
| Benchmark: | 1.50% due February 28, 2023 |
| Spread to Benchmark: | + 226bps |
| Yield to Maturity: | 4.25% |
| Coupon: | 4.25% |
| Public Offering Price: | 100% |
| Gross Spread: | 1% |
| Net Proceeds to Issuer (before expenses): | $990,000,000 |
| Optional Redemption: | |
| Make-Whole Call: | T+50 prior to December 15, 2022 |
| Call at Par: | On or after December 15, 2022 |
| Interest Payment Dates: | March 15 and September 15, beginning March 15, 2018 |
| Interest Record Dates: | March 1 and September 1 |
| CUSIP / ISIN: | 29273V AG5 / US29273VAG59 |
| Joint Book-Running Managers: | Morgan Stanley & Co. LLC Mizuho Securities USA LLC Credit Suisse Securities (USA) LLC Goldman Sachs & Co. LLC MUFG Securities Americas Inc. Natixis Securities Americas LLC Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. TD Securities (USA) LLC | | --- | --- | | Co-Managers | CIBC World Markets Corp. Fifth Third Securities, Inc. |
- Note: A securities rating is not a recommendation to buy, sell or hold a security and may be subject to revision or withdrawal at any time.
CHANGES TO THE PRELIMINARY PROSPECTUS SUPPLEMENT
In addition to the pricing information set forth above, the preliminary prospectus supplement is hereby updated to reflect the following changes:
Increase in Aggregate Principal Amount
The aggregate principal amount of 4.25% Senior Notes due 2023 (the 2023 Notes) offered hereby has been increased to $1.0 billion from an expected $750 million.
This information does not purport to be a complete description of these notes or the offering. Please refer to the preliminary prospectus supplement for a complete description.
The issuer has filed a registration statement (including a base prospectus and a prospectus supplement) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement for this offering, the prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement which may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by calling (866) 718-1649 or by emailing [email protected] or from Mizuho Securities USA LLC, 320 Park Avenue 12th Floor, New York, NY 10022, Attn: Debt Capital Markets, Toll-free: 866-271-7403.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.