Key Developments: Energy Transfer Equity LP (ETE)
56.67USD
18 Jun 2013
$0.20 (+0.35%)
$56.47
$56.55
$56.93
$56.23
1,056,281
881,019
$62.50
$38.24
Latest Key Developments (Source: Significant Developments)
Energy Transfer Equity LP Announces Appointment Of CFO-Form 8-K
Energy Transfer Equity LP reported in its Form 8-K that on May 1, 2013, Jamie Welch was appointed Chief Financial Officer (CFO) and Head of Business Development of LE GP, LLC (Company), the general partner of Energy Transfer Equity, L.P. (Partnership), effective as of June 24, 2013. Mr. Welch will assume responsibility for the role of Chief Financial Officer and Head of Business Development of the Company. John W. McReynolds will continue to serve as President of the Company. Full Article
Energy Transfer Equity LP Announces Cash Distribution for First Quarter of 2013
Energy Transfer Equity LP announced that the Board of Directors of each Partnership has approved quarterly distributions for the quarter ended March 31, 2013. ETE’s Board of Directors has approved a quarterly distribution of $0.645 per unit ($2.58 annualized) on ETE common units for the quarter ended March 31, 2013. The quarterly distribution of $0.645 represents an increase of $0.04 per common unit on an annualized basis. The cash distribution will be paid on May 17, 2013 to unitholders of record as of the close of business on May 6, 2013. Full Article
Energy Transfer Equity LP Announces Cash Distribution For Fourth Quarter Of 2012
Energy Transfer Equity LP announced that the Board of Directors has approved a quarterly distribution of $0.635 per unit ($2.54 annualized) on ETE common units for the quarter ended December 31, 2012. The quarterly distribution of $0.635 represents an increase of $0.04 per common unit on an annualized basis. The cash distribution will be paid on February 19, 2013 to unit holders of record as of the close of business on February 7, 2013. Full Article
Energy Transfer Equity LP Announces Cash Distributions For Third Quarter Of 2012
Energy Transfer Equity LP announced that the Board of Directors has approved a quarterly distribution of $0.625 per unit ($2.50 annualized) on ETE`s outstanding common units for the quarter ended September 30, 2012. The distribution will be paid on November 16, 2012 to Unitholders of record as of the close of business on November 6, 2012. Full Article
Energy Transfer Equity, L.P. Announces Cash Distribution for First Quarter of 2012
Energy Transfer Equity, L.P. announced that its Board of Directors has approved a quarterly distribution of $0.625 per unit ($2.50 annualized) on ETE`s outstanding common units for the quarter ended March 31, 2012. The distribution will be paid on May 18, 2012, to Unitholders of record as of the close of business on May 4, 2012. Full Article
Energy Transfer Equity, L.P. And Southern Union Announces Filing Of Settlement With Missouri Public Service Commission
Energy Transfer Equity, L.P. and Southern Union Company announced that they have filed with the Missouri Public Service Commission (the Commission) a Stipulation and Agreement (the Stipulation) among Southern Union, ETE and the Commission Staff. Pursuant to the Stipulation, the parties recommend that the Commission issue an order finding that, subject to the conditions therein, the merger of Sigma Acquisition Corporation, a wholly owned subsidiary of ETE, with and into Southern Union is not detrimental to the public interest and authorizing the undertaking of such merger and related transactions. Southern Union will survive the merger as a wholly owned subsidiary of ETE. The Office of Public Counsel has indicated that it does not oppose the Stipulation. Southern Union and ETE have requested that the Commission consider the Stipulation expeditiously. Full Article
Energy Transfer Equity, L.P. Announces Launch Of New Credit Facility In Connection With Southern Union Acquisition
Energy Transfer Equity, L.P. announced that it has launched the syndication of a new senior secured credit facility of up to $2.30 billion. ETE intends to use the net proceeds from the senior secured credit facility, together with a portion of the proceeds from Southern Union Company’s contribution of its 50% interest in Citrus Corp. (Citrus) to Energy Transfer Partners, L.P. in exchange for $2.0 billion, to fund the cash portion of the purchase price of its previously announced acquisition of Southern Union Company and pay related fees and expenses, including existing borrowings under ETE’s revolving credit facility and for general partnership purposes. Upon closing, the new senior secured credit facility, combined with the proceeds from the Citrus contribution, is expected to replace the previously announced $3.7 billion acquisition financing with permanent financing. The ultimate size of the senior secured credit facility is subject to the cash consideration elected by SUG shareholders in connection with the acquisition. The closing of the new senior secured credit facility is anticipated to occur during the first quarter of 2012, in conjunction with the closing of the SUG acquisition. Full Article
Energy Transfer Equity, L.P. Announce Cash Distribution for Third Quarter of 2011
Energy Transfer Equity, L.P. announced that the Board of Directors hve approved a quarterly distribution of $0.625 per unit ($2.50 annualized) on Energy Transfer Equity, L.P.'s outstanding common units for the quarter ended September 30, 2011. The distribution will be paid on November 18, 2011, to Unitholders of record as of the close of business on November 4, 2011. Full Article
Energy Transfer Equity, L.P. And Southern Union Announces Improved Agreement For $9.4 Billion Including $5.7 Billion in Cash And Common Units
Energy Transfer Equity, L.P. and Southern Union Company announced that they have entered into an amended and restated merger agreement under which Energy Transfer Equity will acquire Southern Union for $9.4 billion, including $5.7 billion in cash and Energy Transfer Equity common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, Southern Union shareholders can elect to exchange their common shares for $44.25 of cash or 1.000x Energy Transfer Equity common unit. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration. In connection with the revised merger agreement, Energy Transfer Equity has signed an amended drop down agreement to sell Southern Union's 50% interest in Citrus Corp., which owns 100% of the Florida Gas Transmission pipeline system, to Energy Transfer Partners, L.P. for total consideration of $2.0 billion. The obligations of Energy Transfer Equity are to be assumed by Southern Union immediately prior to closing of the Energy Transfer Equity / Southern Union merger. The proceeds received will be used to fund a portion of the merger consideration and to repay existing Southern Union-related debt to maintain appropriate investment grade credit metrics. Full Article
Energy Transfer Partners LP And Energy Transfer Equity, L.P. Announce Agreement For 50% Interest In Citrus Corp.
Energy Transfer Partners, L.P. (ETP) and Energy Transfer Equity, L.P. (ETE) announced that the two partnerships have signed a definitive agreement pursuant to which ETE will contribute to ETP by merger an indirect 50% interest in Citrus Corp., which owns 100% of the Florida Gas Transmission pipeline system, in exchange for approximately $1.9 billion. The contribution of the 50% equity interest in Citrus is subject to the successful consummation of the merger between Southern Union Company (SUG) and ETE. Citrus Corp. is currently jointly owned by SUG and El Paso Corporation. ETP expects to fund substantially all of the $1.9 billion purchase price initially through the issuance of long-term debt. In turn, ETE will use these proceeds to repay a substantial portion of the acquisition financing incurred by ETE to fund the cash consideration to be paid to SUG shareholders. As part of the transaction, ETE has also granted ETP a right of first offer with respect to any disposition of another SUG subsidiary, Southern Union Gas Services (SUGS). SUGS owns and operates a natural gas gathering and processing system serving the Permian Basin in West Texas and New Mexico. Full Article
CORRECTED-Energy Transfer Partners buys rest of ETP Holdco for $3.75 bln
(Corrects first paragraph to say ETP will buy the 60 percent stake it does not own in ETP Holdco, not 40 percent)
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