Energy Transfer 2015 Annual Report Download - page 104

Table of Contents
Description of Indebtedness
Our outstanding consolidated indebtedness was as follows:
December 31,
2015
2014
ETP Senior Notes $ 19,439
$ 10,890
Transwestern Senior Notes 782
782
Panhandle Senior Notes 1,085
1,085
Sunoco, Inc. Senior Notes 465
715
Sunoco Logistics Senior Notes(1) 4,975
3,975
Regency Senior Notes(2) —
5,089
Revolving credit facilities:
ETP $3.75 billion Revolving Credit Facility due November 2019 1,362
570
Sunoco Logistics’ subsidiary $35 million Revolving Credit Facility due April 2015(3) —
35
Sunoco Logistics $2.5 billion Revolving Credit Facility due March 2020 562
150
Sunoco LP $1.5 billion Revolving Credit Facility due September 2019(4) —
683
Regency $2.5 billion Revolving Credit Facility due November 2019(5) —
1,504
Other long-term debt 32
223
Unamortized premiums, net of discounts and fair value adjustments 158
280
Deferred debt issuance costs (181)
(142)
Total debt 28,679
25,839
Less: current maturities of long-term debt 126
1,008
Long-term debt, less current maturities $ 28,553
$ 24,831
(1) Sunoco Logistics’ 6.125% senior notes due May 15, 2016 were classified as long-term debt as of December 31, 2015 as Sunoco Logistics has the ability
and intent to refinance such borrowings on a long-term basis.
(2) As discussed in Note 6, the Regency senior notes were redeemed and/or assumed by the Partnership.
(3) Sunoco Logistics’ subsidiary $35 million Revolving Credit Facility matured in April 2015 and was repaid with borrowings from the Sunoco Logistics
$2.50 billion Revolving Credit Facility.
(4) In connection with ETE’s acquisition of Sunoco GP, the general partner of Sunoco LP, on July 1, 2015, ETP deconsolidated Sunoco LP.
(5) On April 30, 2015, in connection with the Regency Merger, the Regency Revolving Credit Facility was paid off in full and terminated.
The terms of our consolidated indebtedness and that of our subsidiaries are described in more detail below and in Note 6 to our consolidated financial
statements.
ETP Senior Notes Assumptions and Offerings
In June 2015, ETP issued $650 million aggregate principal amount of 2.50% senior notes due June 2018, $350 million aggregate principal amount of 4.15%
senior notes due October 2020, $1.0 billion aggregate principal amount of 4.75% senior notes due January 2026 and $1.0 billion aggregate principal amount
of 6.125% senior notes due December 2045. ETP used the net proceeds of $2.98 billion from the offering to repay outstanding borrowings under the ETP
Credit Facility, to fund growth capital expenditures and for general partnership purposes.
In March 2015, ETP issued $1.0 billion aggregate principal amount of 4.05% senior notes due March 2025, $500 million aggregate principal amount of
4.90% senior notes due March 2035, and $1.0 billion aggregate principal amount of 5.15% senior notes due March 2045. ETP used the $2.48 billion net
proceeds from the offering to repay outstanding borrowings under the ETP Credit Facility, to fund growth capital expenditures and for general partnership
purposes.
At the time of the Regency Merger, Regency had outstanding $5.1 billion principal amount of senior notes. On June 1, 2015, Regency redeemed all of the
outstanding $499 million aggregate principal amount of its 8.375% senior notes due June 2019.
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