Energy Transfer Equity - US-Pipeline MLP General Partner (Seite 4)
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| 1,8000 | +94,59 | |
| 4,8050 | +39,52 | |
| 5,6000 | +30,23 | |
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| 18,398 | +13,15 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 2,4000 | -9,43 | |
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| 4,2000 | -11,39 | |
| 1,5400 | -12,00 | |
| 850,20 | -12,51 |
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Energy Transfer Partners and Susser Holdings Announce Successful Completion of Merger
DALLAS & CORPUS CHRISTI, Texas--(BUSINESS WIRE)--Aug. 29, 2014-- Energy Transfer Partners, L.P. (NYSE:ETP) and Susser Holdings Corporation (NYSE:SUSS) today announced the successful completion of the previously announced merger of an indirect wholly owned subsidiary of ETP, with and into Susser, with Susser surviving the merger as a subsidiary of ETP.
As previously announced on April 28, 2014, Susser entered into a merger agreement with ETP. Under the terms of the merger agreement, Susser shareholders were able to receive, for each Susser common share they owned, a combination of $40.125 in cash and 0.7253 of an ETP common unit (the “Standard Mix of Consideration”). In lieu of receiving this Standard Mix of Consideration, Susser shareholders, for each Susser common share they owned, could make an election to receive $80.25 in cash (the “Cash Consideration”) or 1.4506 ETP common units (the “Unit Consideration”), with such Cash Consideration and Unit Consideration subject to proration in accordance with the merger agreement. Because the Unit Consideration was oversubscribed, all holders making a unit election will have their Unit Consideration prorated and a portion of it will be substituted with cash in accordance with the terms of the merger agreement. Based on the final results of the merger consideration elections:
holders of approximately 7% of outstanding Susser shares, or approximately 1,477,710 shares, elected to and will receive the Standard Mix of Consideration;
holders of approximately 1% of outstanding Susser shares, or approximately 264,536 shares, elected to and will receive the Cash Consideration;
holders of approximately 79% of outstanding Susser shares, or approximately 17,183,117 shares, elected the Unit Consideration and will receive $39.51 in cash and 0.7365 of an ETP common unit; and
holders of approximately 13% of outstanding Susser shares, or approximately 2,869,212 shares made no election and will receive the Standard Mix of Consideration.
In the aggregate, Susser shareholders will receive 50% of the merger consideration in cash and 50% in ETP common units. The total consideration to be paid in cash will be approximately $875 million and the total consideration to be paid in equity will be approximately 15,807,605 ETP common units.
Effective with the opening of the market today, Susser ceased to be a publicly traded company and its common stock discontinued trading on the NYSE.
Barclays and Credit Suisse acted as financial advisors, Morgan Stanley & Co. LLC delivered a fairness opinion to the Board of ETP. Vinson & Elkins acted as legal counsel to ETP, and Bingham McCutchen acted as tax counsel to ETP. BofA Merrill Lynch acted as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal counsel to Susser.
DALLAS & CORPUS CHRISTI, Texas--(BUSINESS WIRE)--Aug. 29, 2014-- Energy Transfer Partners, L.P. (NYSE:ETP) and Susser Holdings Corporation (NYSE:SUSS) today announced the successful completion of the previously announced merger of an indirect wholly owned subsidiary of ETP, with and into Susser, with Susser surviving the merger as a subsidiary of ETP.
As previously announced on April 28, 2014, Susser entered into a merger agreement with ETP. Under the terms of the merger agreement, Susser shareholders were able to receive, for each Susser common share they owned, a combination of $40.125 in cash and 0.7253 of an ETP common unit (the “Standard Mix of Consideration”). In lieu of receiving this Standard Mix of Consideration, Susser shareholders, for each Susser common share they owned, could make an election to receive $80.25 in cash (the “Cash Consideration”) or 1.4506 ETP common units (the “Unit Consideration”), with such Cash Consideration and Unit Consideration subject to proration in accordance with the merger agreement. Because the Unit Consideration was oversubscribed, all holders making a unit election will have their Unit Consideration prorated and a portion of it will be substituted with cash in accordance with the terms of the merger agreement. Based on the final results of the merger consideration elections:
holders of approximately 7% of outstanding Susser shares, or approximately 1,477,710 shares, elected to and will receive the Standard Mix of Consideration;
holders of approximately 1% of outstanding Susser shares, or approximately 264,536 shares, elected to and will receive the Cash Consideration;
holders of approximately 79% of outstanding Susser shares, or approximately 17,183,117 shares, elected the Unit Consideration and will receive $39.51 in cash and 0.7365 of an ETP common unit; and
holders of approximately 13% of outstanding Susser shares, or approximately 2,869,212 shares made no election and will receive the Standard Mix of Consideration.
In the aggregate, Susser shareholders will receive 50% of the merger consideration in cash and 50% in ETP common units. The total consideration to be paid in cash will be approximately $875 million and the total consideration to be paid in equity will be approximately 15,807,605 ETP common units.
Effective with the opening of the market today, Susser ceased to be a publicly traded company and its common stock discontinued trading on the NYSE.
Barclays and Credit Suisse acted as financial advisors, Morgan Stanley & Co. LLC delivered a fairness opinion to the Board of ETP. Vinson & Elkins acted as legal counsel to ETP, and Bingham McCutchen acted as tax counsel to ETP. BofA Merrill Lynch acted as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal counsel to Susser.
Antwort auf Beitrag Nr.: 43.115.299 von R-BgO am 03.05.12 13:31:14EK inzwischen wieder leicht positiv, Kurs lief gut in den 2 Jahren
ich danke; und nehme das zum Anlass, mal etwas mehr zu überlegen:
Vor dem aktuellen Merger war Energy Transfer Equity (=ETE) die Obergesellschaft für im Wesentlichen zwei börsennotierte MLP's (Master Limited Partnerships), nämlich Energy Transfer Partners (=ETP) und Regency Energy Partners (=RGP).
ETP macht im Wesentlichen in Pipelines und fee-basiert, d.h. weitgehend ohne Rohstoffpreisänderungsrisiko.
RGP macht etwas ähnliches aber zusätzlich noch weitere Services wie z.B. Compression.
Die "Standard"methode von MLP's treibt ETE m.E. auf die Spitze:
So gut wie kein EK, hohe Ausschüttungen, immer weiter ansteigende Verschuldung. Im letzten 10k stehen noch ganze 53 Mio. EK bei einer Bilanzsumme von 21 Mrd.; andererseits erhält ETE aufgrund der General-Partner eigenschaft sehr verlässliche und ständig steigende Zahlungen, die dazu führen dass ebenso verlässlich (bisher) Ausschüttungen an die Aktionäre erfolgen.
Seitdem ich den Wert im Depot habe (Anfang 2010) , ist der quartalsweise Ausschüttungsbetrag von 54 auf 62,5c gestiegen...
Vor dem aktuellen Merger war Energy Transfer Equity (=ETE) die Obergesellschaft für im Wesentlichen zwei börsennotierte MLP's (Master Limited Partnerships), nämlich Energy Transfer Partners (=ETP) und Regency Energy Partners (=RGP).
ETP macht im Wesentlichen in Pipelines und fee-basiert, d.h. weitgehend ohne Rohstoffpreisänderungsrisiko.
RGP macht etwas ähnliches aber zusätzlich noch weitere Services wie z.B. Compression.
Die "Standard"methode von MLP's treibt ETE m.E. auf die Spitze:
So gut wie kein EK, hohe Ausschüttungen, immer weiter ansteigende Verschuldung. Im letzten 10k stehen noch ganze 53 Mio. EK bei einer Bilanzsumme von 21 Mrd.; andererseits erhält ETE aufgrund der General-Partner eigenschaft sehr verlässliche und ständig steigende Zahlungen, die dazu führen dass ebenso verlässlich (bisher) Ausschüttungen an die Aktionäre erfolgen.
Seitdem ich den Wert im Depot habe (Anfang 2010) , ist der quartalsweise Ausschüttungsbetrag von 54 auf 62,5c gestiegen...
!
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Energy Transfer Partners to Acquire Sunoco in $5.3 Billion Transaction
Creates One of the Largest and Most Diversified Energy Partnerships in the U.S.
Expands ETP’s Geographic Footprint and Markedly Strengthens its Presence in Crude Oil, NGLs and Refined Products Transportation, Terminalling, and Logistics
Expected to be Immediately Accretive to Distributable Cash Flow of ETP
DALLAS & PHILADELPHIA--(BUSINESS WIRE)--Apr. 30, 2012-- Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco, Inc. (NYSE: SUN) today announced that they have entered into a definitive merger agreement whereby ETP will acquire Sunoco in a unit and cash transaction valued at $50.13 per share, or a total consideration of approximately $5.3 billion, based on ETP’s closing price on April 27, 2012. This combination will create one of the largest and most diversified energy partnerships in the country by expanding ETP’s geographic footprint and strengthening its presence in the transportation, terminalling and logistics of crude oil, NGLs and refined products.
The merger consideration, which consists of $25 in cash and 0.5245 of an ETP common unit, or approximately 50 percent cash and 50 percent ETP common units, represents a 29 percent premium to the 20-day average closing price of Sunoco shares as of April 27, 2012. By acquiring Sunoco, ETP will also own Sunoco’s general partner interest and the incentive distribution rights (IDRs) in Sunoco Logistics Partners (NYSE: SXL), as well as Sunoco’s 32.4 percent interest in Sunoco Logistics Partners’ limited partner units and Sunoco’s branded retail business, which generates additional stable cash flows from a portfolio of approximately 4,900 retail locations in the U.S.
“This transaction, which will be immediately accretive, represents the next step in Energy Transfer Partners’ transformation into a more diversified enterprise with an integrated and expanded footprint,” said Kelcy Warren, ETP’s chief executive officer and chairman of the board of directors. “As we have said in the past year, our goal is to derive more of our distributable cash flow from the transportation of heavier hydrocarbons like crude oil, NGLs, and refined products. With this transaction, we make a major move in that direction, bringing our cash flow mix related to the combined enterprise’s pipeline businesses to approximately 70 percent natural gas and 30 percent heavier hydrocarbons. At the same time, we will enhance the size and scale of the ETP platform by creating new service capabilities and entering new geographic operating areas.”
“This transaction will enable Sunoco’s businesses to realize their full potential by becoming an important part of a diversified leader in the energy industry,” said Brian P. MacDonald, Sunoco’s president and chief executive officer. “In addition, it delivers an attractive premium to our shareholders, while enabling them to participate in the future growth of the business. The combination with ETP provides substantial future value-creation opportunities for Sunoco shareholders and ETP unitholders alike.”
Commenting further, MacDonald said, “ETP recognizes that the steady, ratable cash flows that our logistics and retail businesses generate are backed by great assets, deep expertise, and the potential for future growth. ETP has an interest in growing its Marcellus Shale-related activity, and I am pleased that the combined enterprise will retain a strong Pennsylvania presence.”
Other Transaction Details
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, Sunoco shareholders can elect to receive, for each Sunoco common share they own, either $50.00 in cash, 1.0490 ETP common units or a combination of $25.00 in cash and 0.5245 ETP common units. The aggregate cash paid and common units issued will be capped so that the cash and common units will each represent 50 percent of the aggregate consideration. The cash elections and common unit elections will be subject to proration to satisfy this cap. Upon closing, Sunoco shareholders are expected to own approximately 20 percent of ETP common units. In addition, $965 million of Sunoco’s existing notes will remain outstanding.
In conjunction with the transaction, Energy Transfer Equity, L.P. (NYSE: ETE), the owner of Energy Transfer Partners’ general partner, has agreed to relinquish its right to approximately $210 million of incentive distributions from ETP that it would otherwise be entitled to receive over 12 consecutive quarters following the closing of the transaction.
Sunoco’s logistics and retail businesses will continue to maintain headquarters in the Philadelphia area consistent with their current operating presence. In addition, under the merger agreement, Sunoco will continue its plans for exiting its refining business as previously announced, as well as continue its plans for the proposed refinery joint venture being discussed by Sunoco and The Carlyle Group.
Combined Corporate Structure
The transaction has been approved by each company’s board of directors and is expected to close in the third or fourth quarter of 2012, subject to approval of Sunoco shareholders and customary regulatory approvals. Following the closing, Sunoco and Sunoco Logistics Partners will operate under the Energy Transfer Equity, L.P. umbrella of companies. By acquiring Sunoco, ETP will own Sunoco’s general partner interest, limited partner interest and the incentive distribution rights in Sunoco Logistics Partners.
Sunoco Logistics Partners will continue to be traded on the NYSE as a separate publicly traded MLP.
Energy Transfer Partners to Acquire Sunoco in $5.3 Billion Transaction
Creates One of the Largest and Most Diversified Energy Partnerships in the U.S.
Expands ETP’s Geographic Footprint and Markedly Strengthens its Presence in Crude Oil, NGLs and Refined Products Transportation, Terminalling, and Logistics
Expected to be Immediately Accretive to Distributable Cash Flow of ETP
DALLAS & PHILADELPHIA--(BUSINESS WIRE)--Apr. 30, 2012-- Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco, Inc. (NYSE: SUN) today announced that they have entered into a definitive merger agreement whereby ETP will acquire Sunoco in a unit and cash transaction valued at $50.13 per share, or a total consideration of approximately $5.3 billion, based on ETP’s closing price on April 27, 2012. This combination will create one of the largest and most diversified energy partnerships in the country by expanding ETP’s geographic footprint and strengthening its presence in the transportation, terminalling and logistics of crude oil, NGLs and refined products.
The merger consideration, which consists of $25 in cash and 0.5245 of an ETP common unit, or approximately 50 percent cash and 50 percent ETP common units, represents a 29 percent premium to the 20-day average closing price of Sunoco shares as of April 27, 2012. By acquiring Sunoco, ETP will also own Sunoco’s general partner interest and the incentive distribution rights (IDRs) in Sunoco Logistics Partners (NYSE: SXL), as well as Sunoco’s 32.4 percent interest in Sunoco Logistics Partners’ limited partner units and Sunoco’s branded retail business, which generates additional stable cash flows from a portfolio of approximately 4,900 retail locations in the U.S.
“This transaction, which will be immediately accretive, represents the next step in Energy Transfer Partners’ transformation into a more diversified enterprise with an integrated and expanded footprint,” said Kelcy Warren, ETP’s chief executive officer and chairman of the board of directors. “As we have said in the past year, our goal is to derive more of our distributable cash flow from the transportation of heavier hydrocarbons like crude oil, NGLs, and refined products. With this transaction, we make a major move in that direction, bringing our cash flow mix related to the combined enterprise’s pipeline businesses to approximately 70 percent natural gas and 30 percent heavier hydrocarbons. At the same time, we will enhance the size and scale of the ETP platform by creating new service capabilities and entering new geographic operating areas.”
“This transaction will enable Sunoco’s businesses to realize their full potential by becoming an important part of a diversified leader in the energy industry,” said Brian P. MacDonald, Sunoco’s president and chief executive officer. “In addition, it delivers an attractive premium to our shareholders, while enabling them to participate in the future growth of the business. The combination with ETP provides substantial future value-creation opportunities for Sunoco shareholders and ETP unitholders alike.”
Commenting further, MacDonald said, “ETP recognizes that the steady, ratable cash flows that our logistics and retail businesses generate are backed by great assets, deep expertise, and the potential for future growth. ETP has an interest in growing its Marcellus Shale-related activity, and I am pleased that the combined enterprise will retain a strong Pennsylvania presence.”
Other Transaction Details
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, Sunoco shareholders can elect to receive, for each Sunoco common share they own, either $50.00 in cash, 1.0490 ETP common units or a combination of $25.00 in cash and 0.5245 ETP common units. The aggregate cash paid and common units issued will be capped so that the cash and common units will each represent 50 percent of the aggregate consideration. The cash elections and common unit elections will be subject to proration to satisfy this cap. Upon closing, Sunoco shareholders are expected to own approximately 20 percent of ETP common units. In addition, $965 million of Sunoco’s existing notes will remain outstanding.
In conjunction with the transaction, Energy Transfer Equity, L.P. (NYSE: ETE), the owner of Energy Transfer Partners’ general partner, has agreed to relinquish its right to approximately $210 million of incentive distributions from ETP that it would otherwise be entitled to receive over 12 consecutive quarters following the closing of the transaction.
Sunoco’s logistics and retail businesses will continue to maintain headquarters in the Philadelphia area consistent with their current operating presence. In addition, under the merger agreement, Sunoco will continue its plans for exiting its refining business as previously announced, as well as continue its plans for the proposed refinery joint venture being discussed by Sunoco and The Carlyle Group.
Combined Corporate Structure
The transaction has been approved by each company’s board of directors and is expected to close in the third or fourth quarter of 2012, subject to approval of Sunoco shareholders and customary regulatory approvals. Following the closing, Sunoco and Sunoco Logistics Partners will operate under the Energy Transfer Equity, L.P. umbrella of companies. By acquiring Sunoco, ETP will own Sunoco’s general partner interest, limited partner interest and the incentive distribution rights in Sunoco Logistics Partners.
Sunoco Logistics Partners will continue to be traded on the NYSE as a separate publicly traded MLP.
Energy Transfer Equity Reports Fourth Quarter and Annual Results
DALLAS--(BUSINESS WIRE)--Feb. 15, 2012-- Energy Transfer Equity, L.P. (NYSE:ETE) today reported financial results for the fourth quarter and year ended December 31, 2011.
Distributable Cash Flow, as adjusted, was $134.9 million for the three months ended December 31, 2011 as compared to $118.2 million for the three months ended December 31, 2010. ETE's net income attributable to partners was $85.8 million for the three months ended December 31, 2011, an increase of $9.8 million over the three months ended December 31, 2010.
Distributable Cash Flow, as adjusted, for the year ended December 31, 2011 was $511.0 million as compared to $498.0 million for the year ended December 31, 2010. ETE's net income attributable to partners was $309.8 million for the year ended December 31, 2011, an increase of $117.1 million over the year ended December 31, 2010.
ETE's net income attributable to partners, as discussed above, was impacted by acquisition-related and financing costs, as described in the footnotes to the Distributable Cash Flow table below.
The Partnership has scheduled a conference call for 8:30 a.m. Central Time, Thursday, February 16, 2012 to discuss its fourth quarter 2011 results. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership's website for a limited time.
The Partnership's principal sources of cash flow are distributions it receives from its investments in the limited and general partner interests in Energy Transfer Partners, L.P. (“ETP”) and Regency Energy Partners LP (“Regency”), including 100% of ETP's and Regency's incentive distribution rights, approximately 50.2 million of ETP's common units and approximately 26.3 million of Regency's common units. ETE currently has no operating activities apart from those conducted by ETP and Regency and their operating subsidiaries. ETE's principal uses of cash are for general and administrative expenses, debt service requirements, distributions to its general partners, limited partners and holders of the Series A Convertible Preferred Units, and capital contributions to ETP and Regency in respect of ETE's general partner interests in ETP and Regency at ETE's election.
DALLAS--(BUSINESS WIRE)--Feb. 15, 2012-- Energy Transfer Equity, L.P. (NYSE:ETE) today reported financial results for the fourth quarter and year ended December 31, 2011.
Distributable Cash Flow, as adjusted, was $134.9 million for the three months ended December 31, 2011 as compared to $118.2 million for the three months ended December 31, 2010. ETE's net income attributable to partners was $85.8 million for the three months ended December 31, 2011, an increase of $9.8 million over the three months ended December 31, 2010.
Distributable Cash Flow, as adjusted, for the year ended December 31, 2011 was $511.0 million as compared to $498.0 million for the year ended December 31, 2010. ETE's net income attributable to partners was $309.8 million for the year ended December 31, 2011, an increase of $117.1 million over the year ended December 31, 2010.
ETE's net income attributable to partners, as discussed above, was impacted by acquisition-related and financing costs, as described in the footnotes to the Distributable Cash Flow table below.
The Partnership has scheduled a conference call for 8:30 a.m. Central Time, Thursday, February 16, 2012 to discuss its fourth quarter 2011 results. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership's website for a limited time.
The Partnership's principal sources of cash flow are distributions it receives from its investments in the limited and general partner interests in Energy Transfer Partners, L.P. (“ETP”) and Regency Energy Partners LP (“Regency”), including 100% of ETP's and Regency's incentive distribution rights, approximately 50.2 million of ETP's common units and approximately 26.3 million of Regency's common units. ETE currently has no operating activities apart from those conducted by ETP and Regency and their operating subsidiaries. ETE's principal uses of cash are for general and administrative expenses, debt service requirements, distributions to its general partners, limited partners and holders of the Series A Convertible Preferred Units, and capital contributions to ETP and Regency in respect of ETE's general partner interests in ETP and Regency at ETE's election.
Energy Transfer Equity Reports Quarterly and Annual Results
DALLAS, TEXAS — February 16th, 2011 — Energy Transfer Equity, L.P. (NYSE:ETE) today reported Distributable Cash Flow of $118.2 million for the three months ended December 31, 2010, a decrease of $10.0 million compared to the three months ended December 31, 2009. ETE's net income attributable to partners was $76.1 million for the three months ended December 31, 2010 as compared to $139.6 million for the three months ended December 31, 2009. The decrease in net income attributable to partners was primarily due to lower earnings from subsidiaries and higher interest expense related to both the preferred units issued by ETE in May 2010 and the senior notes issued in September 2010.
Distributable Cash Flow, excluding realized losses on interest rate swaps terminated in connection with ETE's long-term debt refinancing, was $485.1 million for the year ended December 31, 2010 as compared to $494.4 million for the year ended December 31, 2009.
Distributable Cash Flow and Distributable Cash Flow (excluding realized losses on termination of interest rate swaps) are "non-GAAP measures" as explained below.
ETE reported net income attributable to its partners of $192.8 million for the year ended December 31, 2010 as compared to net income attributable to its partners of $442.5 million for the year ended December 31, 2009. ETE's earnings attributable to its partners for the year ended December 31, 2010 was impacted by swap termination losses of $66.4 million related to ETE's September 2010 refinancing of its existing credit facilities, one-time transaction costs of $12.8 million, and a non-cash charge of $52.6 million related to the Regency Transactions as discussed below.
ETE's Distributable Cash Flow, Distributable Cash Flow (excluding realized losses on termination of interest rate swaps) and net income attributable to its partners for the year ended December 31, 2010 also reflected the impacts from ETE's acquisition of the general partner of Regency Energy Partners LP ("Regency") and the exchange of a portion of the investment in Midcontinent Express Pipeline ("MEP") among ETE and its subsidiaries on May 26, 2010 (the "Regency Transactions"). One-time transaction costs of $12.8 million were recorded for the year ended December 31, 2010 in connection with the Regency Transactions. Also, in connection with the transfer of the investment in MEP, ETE recorded a non-cash charge of $52.6 million which was reflected in the consolidated statement of operations for the year ended December 31, 2010.
The Partnership's principal sources of cash flow are distributions it receives from its investments in the limited and general partner interests in ETP and Regency, including 100% of ETP's and Regency's incentive distribution rights, approximately 50.2 million of ETP's common units and approximately 26.3 million of Regency's common units. ETE currently has no operating activities apart from those conducted by ETP and Regency and their operating subsidiaries. ETE's principal uses of cash are for distributions to its general and limited partners and preferred unitholders, expenses, debt service and, at ETE's election, capital contributions to ETP and Regency in respect of ETE's general partner interests in ETP and Regency.
The Partnership has scheduled a conference call for 8:00 a.m. Central Time, Thursday, February 17, 2011 to discuss its 2010 results. The conference call will be broadcast live via an internet web cast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership's website for a limited time.
DALLAS, TEXAS — February 16th, 2011 — Energy Transfer Equity, L.P. (NYSE:ETE) today reported Distributable Cash Flow of $118.2 million for the three months ended December 31, 2010, a decrease of $10.0 million compared to the three months ended December 31, 2009. ETE's net income attributable to partners was $76.1 million for the three months ended December 31, 2010 as compared to $139.6 million for the three months ended December 31, 2009. The decrease in net income attributable to partners was primarily due to lower earnings from subsidiaries and higher interest expense related to both the preferred units issued by ETE in May 2010 and the senior notes issued in September 2010.
Distributable Cash Flow, excluding realized losses on interest rate swaps terminated in connection with ETE's long-term debt refinancing, was $485.1 million for the year ended December 31, 2010 as compared to $494.4 million for the year ended December 31, 2009.
Distributable Cash Flow and Distributable Cash Flow (excluding realized losses on termination of interest rate swaps) are "non-GAAP measures" as explained below.
ETE reported net income attributable to its partners of $192.8 million for the year ended December 31, 2010 as compared to net income attributable to its partners of $442.5 million for the year ended December 31, 2009. ETE's earnings attributable to its partners for the year ended December 31, 2010 was impacted by swap termination losses of $66.4 million related to ETE's September 2010 refinancing of its existing credit facilities, one-time transaction costs of $12.8 million, and a non-cash charge of $52.6 million related to the Regency Transactions as discussed below.
ETE's Distributable Cash Flow, Distributable Cash Flow (excluding realized losses on termination of interest rate swaps) and net income attributable to its partners for the year ended December 31, 2010 also reflected the impacts from ETE's acquisition of the general partner of Regency Energy Partners LP ("Regency") and the exchange of a portion of the investment in Midcontinent Express Pipeline ("MEP") among ETE and its subsidiaries on May 26, 2010 (the "Regency Transactions"). One-time transaction costs of $12.8 million were recorded for the year ended December 31, 2010 in connection with the Regency Transactions. Also, in connection with the transfer of the investment in MEP, ETE recorded a non-cash charge of $52.6 million which was reflected in the consolidated statement of operations for the year ended December 31, 2010.
The Partnership's principal sources of cash flow are distributions it receives from its investments in the limited and general partner interests in ETP and Regency, including 100% of ETP's and Regency's incentive distribution rights, approximately 50.2 million of ETP's common units and approximately 26.3 million of Regency's common units. ETE currently has no operating activities apart from those conducted by ETP and Regency and their operating subsidiaries. ETE's principal uses of cash are for distributions to its general and limited partners and preferred unitholders, expenses, debt service and, at ETE's election, capital contributions to ETP and Regency in respect of ETE's general partner interests in ETP and Regency.
The Partnership has scheduled a conference call for 8:00 a.m. Central Time, Thursday, February 17, 2011 to discuss its 2010 results. The conference call will be broadcast live via an internet web cast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership's website for a limited time.
sep 15
Energy Transfer Equity, L.P. (NYSE: ETE) announced the pricing of $1.8 billion aggregate principal amount of its 7.500% senior unsecured notes due 2020. Due to favorable market conditions, the size of the offering was increased from $1.0 billion to $1.8 billion. The sale of the notes is expected to settle on September 20, 2010, subject to customary closing conditions. ETE intends to use the net proceeds from this offering to repay all of the outstanding indebtedness under its existing $500 million revolving credit facility and under its term loan facility, to terminate interest rate swap agreements, and for general partnership purposes. Upon closing of the notes offering, ETE will enter into a new $200 million revolving credit facility and commitments under the existing $500 million revolving credit facility will be terminated.
Energy Transfer Equity, L.P. (NYSE: ETE) announced the pricing of $1.8 billion aggregate principal amount of its 7.500% senior unsecured notes due 2020. Due to favorable market conditions, the size of the offering was increased from $1.0 billion to $1.8 billion. The sale of the notes is expected to settle on September 20, 2010, subject to customary closing conditions. ETE intends to use the net proceeds from this offering to repay all of the outstanding indebtedness under its existing $500 million revolving credit facility and under its term loan facility, to terminate interest rate swap agreements, and for general partnership purposes. Upon closing of the notes offering, ETE will enter into a new $200 million revolving credit facility and commitments under the existing $500 million revolving credit facility will be terminated.
ENERGY TRANSFER EQUITY TO ACQUIRE GENERAL PARTNER OF REGENCY ENERGY PARTNERS
Energy Transfer Partners Interest in Midcontinent Express Pipeline Will Be Owned By Regency
DALLAS, TEXAS — May 11th, 2010 — Dallas-based Energy Transfer Equity, L.P. (NYSE:ETE), the owner of the general partner of Energy Transfer Partners, L.P. (NYSE:ETP), today announced it has entered into a definitive agreement to acquire the general partner of Regency Energy Partners LP (Nasdaq: RGNC).
ETE will acquire a 100 percent interest in Regency's general partner from an affiliate of GE Energy Financial Services, a unit of General Electric (NYSE:GE), for approximately $300 million in ETE preferred units. ETE will own the general partner of both ETP and Regency, which will remain separately operated partnerships.
"We have been actively looking for growth and acquisition opportunities for ETE for some time," said Kelcy Warren, ETE's chairman of the board of directors. "The opportunity to acquire interests in Regency made sense on many levels. Distributions from Regency not only help to diversify ETE, but they also enhance its ability to increase distributions over time by pursuing new growth opportunities at both ETP and Regency. While ETP and Regency will be competitors in the midstream space, they will be run by highly talented management teams that will look for opportunities to work together."
Under the terms of the transaction agreements, ETP will transfer a 49.9 percent interest in Midcontinent Express Pipeline LLC (MEP) to ETE in exchange for the redemption of 12.3 million ETP units valued at approximately $600 million based on a 10-day weighted average closing price of ETP units as of May 4, 2010. ETE will then exchange the interest in MEP with Regency for 26.3 million new Regency common units valued at approximately $600 million based on a 10-day weighted average closing price of Regency units as of May 4, 2010. Following the closing of the transactions, ETE expects to own approximately 22 percent of Regency's outstanding common units and approximately 28 percent of ETP's outstanding common units. ETP will continue to deliver natural gas to MEP through its intrastate pipeline system. Kinder Morgan will retain its 50 percent ownership in MEP.
"This ownership transfer of MEP is tax-efficient to our unitholders, and the value being received is at an attractive multiple. It also allows ETP to forego approximately $86 million in required capital commitments to MEP, and enables ETP to focus its efforts on pursuing attractive capital re-deployment opportunities," said Warren. "ETP plans to retire the common units it will receive from ETE, which will make future growth projects or acquisitions more accretive for our unitholders due to the reduced number of ETP units outstanding and the reduced distribution obligations associated with those units."
All transactions are expected to be closed within the next 30 days. Financial advisors for this transaction were Credit Suisse Securities (USA) LLC for ETE and RBS Securities Inc. for ETP. Legal counsels were Vinson & Elkins L.L.P. for ETE and Andrews Kurth LLP for ETP.
Energy Transfer Partners Interest in Midcontinent Express Pipeline Will Be Owned By Regency
DALLAS, TEXAS — May 11th, 2010 — Dallas-based Energy Transfer Equity, L.P. (NYSE:ETE), the owner of the general partner of Energy Transfer Partners, L.P. (NYSE:ETP), today announced it has entered into a definitive agreement to acquire the general partner of Regency Energy Partners LP (Nasdaq: RGNC).
ETE will acquire a 100 percent interest in Regency's general partner from an affiliate of GE Energy Financial Services, a unit of General Electric (NYSE:GE), for approximately $300 million in ETE preferred units. ETE will own the general partner of both ETP and Regency, which will remain separately operated partnerships.
"We have been actively looking for growth and acquisition opportunities for ETE for some time," said Kelcy Warren, ETE's chairman of the board of directors. "The opportunity to acquire interests in Regency made sense on many levels. Distributions from Regency not only help to diversify ETE, but they also enhance its ability to increase distributions over time by pursuing new growth opportunities at both ETP and Regency. While ETP and Regency will be competitors in the midstream space, they will be run by highly talented management teams that will look for opportunities to work together."
Under the terms of the transaction agreements, ETP will transfer a 49.9 percent interest in Midcontinent Express Pipeline LLC (MEP) to ETE in exchange for the redemption of 12.3 million ETP units valued at approximately $600 million based on a 10-day weighted average closing price of ETP units as of May 4, 2010. ETE will then exchange the interest in MEP with Regency for 26.3 million new Regency common units valued at approximately $600 million based on a 10-day weighted average closing price of Regency units as of May 4, 2010. Following the closing of the transactions, ETE expects to own approximately 22 percent of Regency's outstanding common units and approximately 28 percent of ETP's outstanding common units. ETP will continue to deliver natural gas to MEP through its intrastate pipeline system. Kinder Morgan will retain its 50 percent ownership in MEP.
"This ownership transfer of MEP is tax-efficient to our unitholders, and the value being received is at an attractive multiple. It also allows ETP to forego approximately $86 million in required capital commitments to MEP, and enables ETP to focus its efforts on pursuing attractive capital re-deployment opportunities," said Warren. "ETP plans to retire the common units it will receive from ETE, which will make future growth projects or acquisitions more accretive for our unitholders due to the reduced number of ETP units outstanding and the reduced distribution obligations associated with those units."
All transactions are expected to be closed within the next 30 days. Financial advisors for this transaction were Credit Suisse Securities (USA) LLC for ETE and RBS Securities Inc. for ETP. Legal counsels were Vinson & Elkins L.L.P. for ETE and Andrews Kurth LLP for ETP.
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