Energy Transfer firms $2.2 billion term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Jan. 30 – Energy Transfer Equity set pricing on its $2.2 billion seven-year first-lien term loan (Ba2/BB/BB+) at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, according to a market source.

Also, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.

As before, the term loan has no Libor floor and has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc., DNB, BBVA, TD Securities (USA) LLC, PNC, Natixis and SMBC are the arrangers on the deal. Co-managers include BNP Paribas Securities Corp., Credit Agricole, HSBC Securities (USA) Inc., Fifth Third and Scotiabank.

Recommitments were scheduled to be due at 2 p.m. ET on Monday, the source added.

Proceeds will be used to refinance existing term loans.

Energy Transfer is a Dallas-based midstream oil and gas company.

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