Energy Transfer Equity's $1.3 billion term loan broke at 100 3/8-5/8. UBS Securities and Wachovia Capital Markets lead the loan, which backs the purchase of $1.2 billion of equity units from Energy Transfer Partners. The $1.3 billion term loan is an add-on to an existing $150 million term loan. Pricing on the loan is LIBOR plus 1 3/4%.
Fitch Ratings assigned a BB to the term loan. Energy Transfer Equity derives most of its revenues from its interests in Energy Transfer Partners, which owns and operates a portfolio of energy assets and is the fourth largest retailer of propane in the U.S. Officials at Energy Transfer Equity could not be reached.