Energy Transfer Equity Evaluating Additional Asset Drop-downs; Re-Affirms Commitment to Maintain/Improve Current Credit Ratin...
July 08 2011 - 8:19PM
Business Wire
In connection with its revised offer to acquire the outstanding
stock of Southern Union Company (NYSE:SUG) announced on July 5,
2011, Energy Transfer Equity L.P. (NYSE:ETE) today reaffirmed its
commitment to maintaining appropriate credit metrics to support or
improve the current credit ratings of ETE, SUG, and ETE’s existing
subsidiaries Energy Transfer Partners, L.P. (NYSE:ETP) and Regency
Energy Partners LP (NASDAQ:RGNC). In furtherance of this
commitment, ETE is actively considering the potential drop-down of
SUG’s gathering and processing assets known as Southern Union Gas
Services (“SUGS”) to either ETP or, if ETP does not exercise its
existing right of first offer on SUGS, to Regency. The cash
proceeds from the SUGS drop-down would be used to repay debt at SUG
and to repay ETE’s anticipated borrowings to fund the cash
consideration to SUG shareholders.
The information contained in this press release is available on
the ETE web site at www.energytransfer.com.
This press release may include certain statements concerning
expectations for the future, including statements regarding the
anticipated benefits and other aspects of the proposed transactions
described above, that are forward-looking statements as defined by
federal law. Such forward-looking statements are subject to a
variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
the control of the management teams of ETE, ETP, and RGNC. Among
those is the risk that conditions to closing the transaction are
not met or that the anticipated benefits from the proposed
transactions cannot be fully realized. An extensive list of factors
that can affect future results are discussed in the reports filed
with the Securities and Exchange Commission by ETE, ETP, and RGNC.
None of ETE, ETP, or RGNC undertakes any obligation to update or
revise any forward-looking statement to reflect new information or
events.
Energy Transfer Equity, L.P. (NYSE:ETE) is a
publicly traded partnership, which owns the general partner and 100
percent of the incentive distribution rights (IDRs) of ETP and
approximately 50.2 million ETP limited partner units; and owns the
general partner and 100 percent of the IDRs of RGNC and
approximately 26.3 million RGNC limited partner units. For more
information, visit the Energy Transfer Equity, L.P. web site at
www.energytransfer.com.
Energy Transfer Partners, L.P. (NYSE:ETP) is
a publicly traded partnership owning and operating a diversified
portfolio of energy assets. ETP has pipeline operations in Arizona,
Arkansas, Colorado, Louisiana, New Mexico, Utah and West Virginia
and owns the largest intrastate pipeline system in Texas. ETP
currently has natural gas operations that include more than 17,500
miles of gathering and transportation pipelines, treating and
processing assets, and three storage facilities located in Texas.
ETP also holds a 70 percent interest in Lone Star NGL LLC (“Lone
Star”), a joint venture that owns and operates NGL storage,
fractionation and transportation assets in Texas, Louisiana and
Mississippi. ETP is also one of the three largest retail marketers
of propane in the United States, serving more than one million
customers across the country. For more information, visit the
Energy Transfer Partners, L.P. web site at
www.energytransfer.com.
Regency Energy Partners LP (NASDAQ:RGNC) is a growth-oriented,
midstream energy partnership engaged in the gathering, contract
compression, processing, marketing and transporting of natural gas
and natural gas liquids. RGNC also owns the remaining 30 percent
interest in Lone Star. RGNC’s general partner is owned by ETE. For
more information, visit the Regency Energy Partners LP web site at
www.regencyenergy.com.
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