- In April, ETE amended its Senior Secured Term Loan Agreement to increase the aggregate principal amount to $1.4 billion and used the proceeds from this $400 million increase to repay borrowings under our revolving credit facility and for general partnership purposes.
- From January through May, ETE completed its repurchase of ETE common units under its $1 billion common unit buyback program.
- In May, ETE issued $700 million aggregate principal amount of its 5.875% senior notes due 2024 in a private placement.
- In June, a wholly-owned subsidiary of ETE purchased 14.4 million Regency Energy Partners LP (“Regency”) common units for approximately $400 million. In July, a wholly-owned subsidiary of ETE purchased an additional 16.5 million Regency common units for approximately $400 million. Subsequent to these purchases, ETE and ETP together own approximately 24% of the limited partner interest in Regency.
- In July, ETE’s Board of Directors approved its seventh consecutive increase in its quarterly distribution to $0.38 per unit ($1.52 annualized) on ETE common units for the quarter ended June 30, 2014. Based on the increased distribution rate, ETE’s distribution coverage ratio was 1.06x for the quarter.
Energy Transfer Equity Reports Second Quarter Results
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