- In December, ETE completed comprehensive debt refinancings and expects to reduce its interest expense by $16 million annually. In addition, the refinancing transactions also extended the maturity of a significant portion of ETE’s long-term debt.
- In December, ETE also entered into a revolving credit facility agreement which matures in 2018, provides advances up to $600 million and with lower interest rates than the prior facility. The new facility provides ETE with an option to request increases in its size of up to $1 billion (in total) and extend the maturity until 2020.
- In December, ETE launched a $1 billion common unit buyback program, which is intended to be used opportunistically and will be utilized and sequenced from time to time depending on the trading price activity and performance of ETE’s common units. Through today, ETE has acquired approximately 1.7 million ETE common units in the market.
- In December, ETE agreed to purchase $400 million of Regency’s common units as part of the consideration for Regency’s acquisition of the midstream business of Eagle Rock Energy Partners effective as of, and conditioned on, the closing of that transaction. In order to fund this purchase of Regency common units, ETE increased the capacity on its revolving credit agreement to $800 million in February.
- In January, ETE completed a two-for-one split of its outstanding common units. All unit and per-unit amounts reported herein have been adjusted to give effect to the split.
- In January, ETE’s Board of Directors approved its fifth consecutive increase in its quarterly distribution to $0.34625 per unit (on a post-split basis) on ETE Common Units for the quarter ended December 31, 2013.
Energy Transfer Equity Reports Fourth Quarter And Annual Results
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