Energy Transfer solicits consents to amend 7.5% notes due 2020

By Jennifer Chiou

New York, Feb. 8 - Energy Transfer Equity, LP announced the start of a consent solicitation to amend the indenture of its 7.5% senior notes due 2020 to modify the definition of "restricted subsidiary" in order to exclude the parent of Southern Union Co. and subsidiaries.

The company is offering a consent payment of $7.50 per $1,000 principal amount of notes to be paid following certain conditions, including the receipt of consents from holders of at least a majority of notes, the execution of a supplemental indenture and the completion of its proposed merger with Southern Union.

The solicitation will end at 5 p.m. ET on Feb. 16.

Other proposed amendments would also make modifications to the definitions of "non-recourse indebtedness" and "project finance subsidiary" under the indenture.

Credit Suisse Securities (USA) LLC is the solicitation agent (212 325 5912 or 800 820-1653; attn: Liability Management Group). D.F. King & Co., Inc. is the information and tabulation agent (800 859-8511).

Dallas-based Energy Transfer Equity owns the general partner and incentive distribution rights of Energy Transfer Partners, LP.

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