According to a related 8-K filing, Credit Suisse Securities, Deutsche Bank Securities, Goldman Sachs Lending Partners and RBC Capital Markets served as co-lead arrangers and joint bookrunners. SunTrust Robinson Humphrey, DNB Markets, BBVA Securities, PNC Capital Markets, Natixis Securities Americas, Sumitomo Mitsui Banking and TD Securities served as arrangers. BNP Paribas Securities, Credit Agricole Corporate and Investment Bank, Fifth Third and The Bank of Nova Scotia served as co-managers.
The term credit agreement has a scheduled maturity date of February 2, 2024, with an option for Energy Transfer Equity to extend the term.
Under the term credit agreement, the obligations are secured by a lien on substantially all of Energy Transfer Equity’s and certain of its subsidiaries’ tangible and intangible assets. The term loan facility initially will not be guaranteed by any of the company’s subsidiaries.
Interest accrues on advances at a LIBOR rate or a base rate plus an applicable margin based on the election of Energy Transfer Equity for each interest period. The applicable margin for LIBOR rate loans is 2.75% and the applicable margin for base rate loans is 1.75%.
Proceeds of the borrowings under the term credit agreement were used to refinance amounts outstanding under Energy Transfer Equity’s existing term loan facilities and to pay transaction fees and expenses related to the term loan facility and other transactions incidental thereto.