Energy Transfer Equity LP commenced an offering of $1.0 billion of its 4.25% senior notes due 2023, priced at 99.0%, for total proceeds of $990 million.

Proceeds from the offering would be used to repay a portion of ETE's debts under its senior secured term loan facility and for general partnership purposes, according to an Oct. 3 news release.

The offering is scheduled to close on Oct. 18. Morgan Stanley and Mizuho Securities are acting as joint book-running managers.