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Stock Market & Financial Investment News

News Breaks
June 4, 2014
09:14 EDTRGP, ETERegency Energy Partners raises $400M of common equity
Regency Energy Partners LP (RGP) announced that it sold 14.4 million common units to ETE Common Holdings, LLC, a wholly owned subsidiary of Energy Transfer Equity, L.P. (ETE), which owns the general partner of Regency, for $400M. Proceeds from the issuance will be used to pay down borrowings on the Partnership’s revolving credit facility, to redeem certain senior notes of the Partnership and for general partnership purposes.
News For RGP;ETE From The Last 14 Days
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July 23, 2015
16:33 EDTETEEnergy Transfer Equity raises quarterly dividend to 53c per unit
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July 17, 2015
06:49 EDTETEEnergy Transfer Equity to engage with Williams on strategic alternatives process
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July 15, 2015
07:44 EDTETEEquity Transfer Partners, Energy Transfer Equity exchange 21M ETP units
Energy Transfer Partners, L.P. (ETP) and Energy Transfer Equity, L.P. (ETE) announced the exchange of 21 million ETP common units, currently owned by ETE, for 100% of the general partner interest and the incentive distribution rights of Sunoco LP (SUN). In addition, as part of this transaction, ETE has agreed to provide ETP a $35 million annual IDR subsidy for two years. The cash flow accretion expected to be realized by ETP from this transaction is more than $0.30 per common unit per annum, which will continue to support ETP’s attractive distribution growth going forward. For ETE, this transaction continues its transition to a pure play general partner for the overall Energy Transfer group. Pro forma for this transaction, ETE expects to maintain its distribution growth rate while migrating to its traditional 1.0x distribution coverage ratio. In connection with the original acquisition of Susser Holdings Corporation (SUSS) by ETP in August 2014, ETE agreed to provide ETP an annual $35 million IDR subsidy for 10 years, subject to automatic termination in the event that ETE acquired the GP interest and IDRs of SUN in exchange for ETP common units owned by ETE. As part of the current transaction, ETE has agreed to provide ETP a $35 million IDR subsidy for an additional two years. ETP and ETE expect there will be no credit ratings impact from this transaction. Following this transaction, SUN will no longer be consolidated for accounting purposes by ETP, but instead will appear in the consolidated financial statements for ETE. This transaction is expected to close in August 2015 after the record date for second quarter distributions for both the SUN GP interest and IDRs and ETP common units, but will be effective as of July 1, 2015. Tudor, Pickering, Holt & Co. acted as financial advisor to the ETP conflicts committee. Akin Gump Strauss Hauer & Feld LLP acted as legal advisor to ETP and Richard Layton & Finger, P.A. acted as legal advisor to the ETP conflicts committee. Credit Suisse acted as financial advisor to the ETE conflicts committee. Latham & Watkins LLP acted as legal advisor to ETE and Potter Anderson & Corroon LLP acted as legal advisor to the ETE conflicts committee.

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