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Energy Transfer Partners launches $3B debt offering to repay maturing notes

Energy Transfer Partners LP priced an offering of senior notes worth $3.0 billion, with proceeds to be used to repay in full certain senior notes maturing in 2018.

The offering is composed of $500 million of 4.20% notes due 2023, priced at 99.926% of face value; $1.0 billion of 4.95% notes due 2028, priced at 99.819% of face value; $500 million of 5.80% notes due 2038, priced at 99.647% of face value; and $1.0 billion of 6% notes due 2048, priced at 98.90% of face value.

Net proceeds from the offering would be used to fully repay its 2.50% notes due June 15, its 6.70% notes due July 1 and a subsidiary's 7% notes due June 15. The rest would be used to pay down revolver debt and for general partnership purposes, according to a June 5 news release.

Mizuho Securities USA LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America Inc. and TD Securities (USA) LLC are acting as joint book-running managers of the offering.

Energy Transfer Partners owns and operates natural gas midstream, transportation and storage assets and other energy midstream infrastructure across all major U.S. production basins.