Natural gas pipeline and storage provider Energy Transfer Partners L.P. on Tuesday announced the pricing of $1.5 billion worth of bonds it is offering to pay off existing debt.
The company is offering $350 million in 6 percent senior notes due 2013, $600 million in 6.7 percent senior notes due 2018, and $550 million in 7.5 percent senior notes due 2038.
Energy Transfer Partners expects to generate $1.48 billion in net proceeds, and plans to use the funds to pay off debt on its term loan credit facility, evolving credit facility and costs associated with the offering.
Wachovia Capital Markets LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc. and UBS Securities LLC are serving as joint book-running managers for the offering, which is expected to close Friday.
Shares rose 45 cents to $46.64 Tuesday.
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