Energy Transfer 2010 Annual Report Download - page 153

ETP Senior Notes
The ETP Senior Notes were registered under the Securities Act of 1933 (as amended). The Partnership may
redeem some or all of the ETP Senior Notes at any time, or from time to time, pursuant to the terms of the
indenture and related indenture supplements related to the ETP Senior Notes. The balance is payable upon
maturity. Interest on the ETP Senior Notes is paid semi-annually. The 9.7% ETP Senior Notes contain a put
option on March 15, 2012.
The ETP Senior Notes are unsecured obligations of the Partnership and the obligation of the Partnership to
repay the ETP Senior Notes is not guaranteed by any of the Partnership’s subsidiaries. As a result, the ETP
Senior Notes effectively rank junior to any future indebtedness of ours or our subsidiaries that is both
secured and unsubordinated to the extent of the value of the assets securing such indebtedness, and the ETP
Senior Notes effectively rank junior to all indebtedness and other liabilities of our existing and future
subsidiaries.
Transwestern Senior Unsecured Notes
The Transwestern notes are payable at any time in whole or pro rata in part, 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.
HOLP Senior Secured Notes
All receivables, contracts, equipment, inventory, general intangibles, cash concentration accounts, and the
capital stock of HOLP and its subsidiaries secure the HOLP Senior Secured Notes. Interest is paid quarterly
or semiannually and principal payments are made in annual installments through 2020 except for a one time
payment of $16.0 million due in 2013.
Revolving Credit Facilities
ETP Credit Facility
We maintain a revolving credit facility (the “ETP Credit Facility”) that provides for $2.0 billion of
revolving credit capacity that is expandable to $3.0 billion (subject to obtaining the approval of the
administrative agent and securing lender commitments for the increased borrowing capacity). The ETP
Credit Facility matures on July 20, 2012, unless we elect the option of one-year extensions (subject to the
approval of each such extension by the lenders holding a majority of the aggregate lending commitments).
Amounts borrowed under the ETP Credit Facility bear interest, at our option, at a Eurodollar rate plus an
applicable margin or a base rate. The base rate used to calculate interest on base rate loans will be calculated
using the greater of a prime rate or a federal funds effective rate plus 0.50%. The applicable margin for
Eurodollar loans ranges from 0.30% to 0.70% based upon ETP’s credit rating and is currently 0.55% (0.60%
if facility usage exceeds 50%). The commitment fee payable on the unused portion of the ETP Credit
Facility varies based on our credit rating with a maximum fee of 0.125%. The fee is 0.11% based on our
current rating.
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.
As of December 31, 2010, we had $402.3 million outstanding under the ETP Credit Facility and, taking into
account letters of credit of approximately $25.5 million, $1.57 billion available for future borrowings. The
weighted average interest rate on the total amount outstanding as of December 31, 2010 was 0.84%.
F-27