Energy Transfer Partners and Regency Energy Partners Announce Successful Completion of Merger
April 30 2015 - 8:48AM
Business Wire
Merger Creates Second-Largest MLP with a
Unique Diversified Platform
Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP”) and Regency
Energy Partners LP (NYSE: RGP) (“Regency”) today announced the
completion of their previously announced merger of an indirect
subsidiary of ETP, with and into Regency, with Regency surviving
the merger as a wholly owned subsidiary of ETP.
Effective with the opening of the market today, Regency ceased
to be a publicly traded partnership, and its common units
discontinued trading on the NYSE.
As part of the merger consideration, each Regency common unit
and Class F unit will be converted into the right to receive 0.4124
ETP common units. Based on the RGP units outstanding, ETP issued
approximately 172.154 million ETP common units to RGP unitholders,
including approximately 15.526 million units issued to ETP
subsidiaries. The approximately 1.913 million outstanding Regency
Series A preferred units were converted into corresponding new ETP
Series A preferred units.
In connection with the transaction, Energy Transfer Equity, L.P.
(NYSE: ETE), which owns the general partner and 100% of the
incentive distribution rights (IDRs) of ETP, will reduce the
incentive distributions it receives from ETP by a total of $320
million over a five-year period. The IDR subsidy will be $80
million in the first year post-closing and $60 million per year for
the following four years.
Further details of the merger will be discussed on ETP’s
earnings call scheduled for May 7, 2015, at 8:00 a.m. Central Time.
The conference call will be broadcast live via an internet web
cast, which can be accessed through www.energytransfer.com. The
call will also be available for replay on Energy Transfer’s website
for a limited time.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership owning and operating one of the largest and
most diversified portfolios of energy assets in the United States.
ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP
(the successor of Southern Union Company) and Lone Star NGL LLC,
which owns and operates natural gas liquids storage, fractionation
and transportation assets. In total, ETP currently owns and
operates more than 62,000 miles of natural gas and natural gas
liquids pipelines. ETP also owns the general partner, 100% of the
incentive distribution rights, and approximately 67.1 million
common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which
operates a geographically diverse portfolio of crude oil and
refined products pipelines, terminalling and crude oil acquisition
and marketing assets. ETP owns 100% of Sunoco, Inc. and 100% of
Susser Holdings Corporation. Additionally, ETP owns the general
partner, 100% of the incentive distribution rights and
approximately 43% of the limited partner interests in Sunoco LP
(formerly Susser Petroleum Partners LP) (NYSE: SUN), a wholesale
fuel distributor and convenience store operator. ETP’s general
partner is owned by ETE. For more information, visit the Energy
Transfer Partners, L.P. website at www.energytransfer.com.
Energy Transfer Equity, L.P. (NYSE: ETE) is a master
limited partnership which owns the general partner and 100% of the
incentive distribution rights (IDRs) of Energy Transfer Partners,
L.P. (NYSE: ETP), approximately 23.5 million ETP common units, and
approximately 82.6 million ETP Class H Units, which track 90% of
the underlying economics of the general partner interest and IDRs
of Sunoco Logistics Partners L.P. (NYSE: SXL). On a consolidated
basis, ETE’s family of companies owns and operates approximately
71,000 miles of natural gas, natural gas liquids, refined products,
and crude oil pipelines. For more information, visit the Energy
Transfer Equity, L.P. website at www.energytransfer.com.
Forward Looking Statements
This press release may include certain statements concerning
expectations for the future 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
management’s control. An extensive list of factors that can affect
future results, including risks related to the merger, are
discussed in the Partnership’s Annual Report on Form 10-K and other
documents filed from time to time with the Securities and
Exchange Commission. The Partnership undertakes no obligation to
update or revise any forward-looking statement to reflect new
information or events.
The information contained in this press release is available on
ETP’s website at www.energytransfer.com.
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Investor Relations:Energy Transfer Partners, L.P.Brent Ratliff,
214-981-0700Vice President, Investor RelationsorLyndsay Hannah,
214-840-5477Director, Finance & Investor RelationsorMedia
Relations:Granado Communications GroupVicki Granado,
214-599-8785Cell: 214-498-9272
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