Energy Transfer 2010 Annual Report Download - page 80

Financing Activities
Changes in cash flows from financing activities between periods primarily result from changes in the levels of
borrowings and equity issuances, which are primarily used to fund our acquisitions and growth capital
expenditures. Distributions to partners increased between the periods based on increases in the number of
Common Units outstanding and, for periods prior to 2009, also reflect increases in the declared quarterly
distribution per unit, as discussed below under “Cash Distributions.”
Following is a summary of financing activities by period:
Year Ended December 31, 2010
Cash provided by financing activities was $272.9 million for 2010. We received $1.15 billion in net proceeds
from Common Unit offerings, including $239.3 million under our equity distribution program (see Note 7 to our
consolidated financial statements). Net proceeds from the offerings were used to repay borrowings under the ETP
Credit Facility, to fund capital expenditures, to fund capital contributions to joint ventures, as well as for general
partnership purposes. During 2010, we had a net increase in our debt level of $192.8 million primarily due to
borrowings to fund capital expenditures and to fund capital contributions to joint ventures, partially offset by the
use of proceeds from our Common Unit offerings. During 2010, we paid distributions of $1.07 billion to our
partners.
Year Ended December 31, 2009
Cash provided by financing activities was $495.2 million for 2009. We received $936.3 million in net proceeds
from Common Unit offerings, including $81.5 million under our equity distribution program (see Note 7 to our
consolidated financial statements). Net proceeds from the offerings were used to repay borrowings under the ETP
Credit Facility, to fund capital expenditures and capital contributions to joint ventures. During 2009, we had a net
increase in our debt level of $520.4 million primarily due to borrowings to fund capital expenditures and to fund
capital contributions to joint ventures, partially offset by the use of proceeds from our Common Unit offerings.
We issued senior notes (see Note 6 to our consolidated financial statements) for net proceeds of $993.6 million,
which were used to repay outstanding borrowings under the ETP Credit Facility and for general partnership
purposes. In addition, in December 2009, Transwestern issued $350.0 million aggregate principal amount of
senior notes, the proceeds from which were used to repay a portion of Transwestern’s intercompany indebtedness
to ETP. The Partnership, in turn, used the proceeds from Transwestern’s intercompany loan repayment to repay
outstanding borrowings under the ETP Credit Facility. During 2009, we paid distributions of $957.3 million to
our partners.
Year Ended December 31, 2008
Cash provided by financing activities was $792.9 million for 2008. We received $373.1 million in net proceeds
from equity offerings. Proceeds from the equity offerings were used to repay borrowings under the ETP Credit
Facility. We also received net proceeds of approximately $2.08 billion from the issuance of senior notes, which
were used to repay other indebtedness. During 2008, we had a net increase in our debt level of $1.32 billion
primarily to fund our growth capital expenditures and for general partnership purposes. During 2008, we paid
distributions of $879.2 million to our partners related to the four-month transition period ended December 31,
2007 and the quarters ended March 31, 2008, June 30, 2008, and September 30, 2008.
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