Energy Transfer 2015 Annual Report Download - page 200

Table of Contents
• $390 million in aggregate principal amount of 8.375% Senior Notes due 2020 (the “2020 Notes”);
• $260 million in aggregate principal amount of 6.500% Senior Notes due 2021 (the “2021 Notes”);
• $500 million in aggregate principal amount of 6.500% Senior Notes due 2021;
• $700 million in aggregate principal amount of 5.000% Senior Notes due 2022;
• $900 million in aggregate principal amount of 5.875% Senior Notes due 2022;
• $600 million in aggregate principal amount of 4.500% Senior Notes due 2023; and
• $700 million in aggregate principal amount of 5.500% Senior Notes due 2023.
The notes assumed from Regency are registered under the Securities Act of 1933 (as amended). The senior notes assumed from Regency may be
redeemed at any time, or from time to time, pursuant to the terms of the applicable indenture and related indenture supplements related to the Regency
senior notes. The balance is payable upon maturity and interest is payable semi-annually. The indentures on these notes contain various covenants that
are similar to those of the indentures on ETP’s senior notes.
The senior notes assumed from Regency are fully and unconditionally guaranteed, on a joint and several basis, by all of the consolidated subsidiaries
that were previously consolidated by Regency, except for ELG and its wholly-owned subsidiaries, Aqua – PVR and ORS.
On August 13, 2015, ETP redeemed in full the outstanding amount of the 2020 Notes and the 2021 Notes. The amount paid to redeem the 2020 Notes
included a make whole premium of $40 million and the amount paid to redeem the 2021 Notes included a make whole premium of $24 million.
Transwestern Senior Notes
The Transwestern senior notes are redeemable at any time in whole or pro rata, subject to a premium or upon a change of control event or an event of
default, as defined. The balance is payable upon maturity. Interest is paid semi-annually.
Panhandle Junior Subordinated Notes
The interest rate on the remaining portion of Panhandle’s junior subordinated notes due 2066 is a variable rate based upon the three-month LIBOR rate
plus 3.0175%. The balance of the variable rate portion of the junior subordinated notes was $54 million at an effective interest rate of 3.65% at
December 31, 2015.
Sunoco Logistics Senior Notes Offerings
In November 2015, Sunoco Logistics issued $600 million aggregate principal amount of 4.40% senior notes due April 2021 and $400 million aggregate
principal amount of 5.95% senior notes due December 2025.
Credit Facilities
ETP Credit Facility
The ETP Credit Facility allows for borrowings of up to $3.75 billion and expires in November 2019. The indebtedness under the ETP Credit Facility is
unsecured and not guaranteed by any of the Partnership’s subsidiaries and has equal rights to holders of our current and future unsecured debt. The
indebtedness under the ETP Credit Facility has the same priority of payment as our other current and future unsecured debt. We use the ETP Credit
Facility to provide temporary financing for our growth projects, as well as for general partnership purposes.
As of December 31, 2015, the ETP Credit Facility had $1.36 billion outstanding, and the amount available for future borrowings was $2.24 billion after
taking into account letters of credit of $145 million. The weighted average interest rate on the total amount outstanding as of December 31, 2015 was
1.86%.
Sunoco Logistics Credit Facilities
Sunoco Logistics maintains a $2.50 billion unsecured credit facility (the “Sunoco Logistics Credit Facility”) which matures in March 2020. The Sunoco
Logistics Credit Facility contains an accordion feature, under which the total aggregate commitment may be extended to $3.25 billion under certain
conditions.
The Sunoco Logistics Credit Facility is available to fund Sunoco Logistics’ working capital requirements, to finance acquisitions and capital projects, to
pay distributions and for general partnership purposes. The Sunoco Logistics Credit
F - 39