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Debt Obligations
3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Debt Obligations
DEBT OBLIGATIONS:
Senior Notes
In January 2013, ETP issued $800 million of 3.6% Senior Notes due February 2023 and $450 million of 5.15% Senior Notes due February 2043. The net proceeds of $1.24 billion from the offering to repay borrowings outstanding under the ETP Credit Facility and for general partnership purposes.
In January 2013, Sunoco Logistics issued $350 million of 3.45% Senior Notes and $350 million of 4.95% Senior Notes (the “2023 and 2043 Senior Notes”), due January 2023 and January 2043, respectively. The terms and conditions of the 2023 and 2043 Senior Notes are comparable to those under Sunoco Logistics’ existing senior notes. The net proceeds of $691 million from the offering were used to pay outstanding borrowings under the Sunoco Logistics’ Credit Facilities and for general partnership purposes.
Credit Facilities
ETP Credit Facility
ETP has a $2.5 billion revolving credit facility (the “ETP Credit Facility”) that expires in October 2016. Indebtedness under the ETP Credit Facility is unsecured and not guaranteed by any of the Partnership’s subsidiaries and has equal rights to holders of our current and future unsecured debt.
As of March 31, 2013, the ETP Credit Facility had $250 million outstanding, and the amount available for future borrowings was $2.17 billion after taking into account letters of credit of $76 million. The weighted average interest rate on the total amount outstanding as of March 31, 2013 was 1.70%.
Southern Union Credit Facility
The Southern Union Credit Facility provides for borrowing of up to $700 million and expires in May 2016. Borrowings under the Southern Union Credit Facility are available for working capital, other general company purposes and letter of credit requirements. Outstanding borrowings under the Southern Union Credit Facility were $240 million as of March 31, 2013. The weighted average interest rate on the total amount outstanding as of March 31, 2013 was 1.83%.
In connection with the SUGS Contribution, borrowings under the Southern Union Credit Facility were repaid and the facility was terminated.
Sunoco Logistics Credit Facilities
Sunoco Logistics maintains two credit facilities to fund its working capital requirements, finance acquisitions and capital projects and for general partnership purposes. The credit facilities consist of a $350 million unsecured credit facility which expires in August 2016 and a $200 million unsecured credit facility which expires in August 2013. There were no outstanding borrowings under these credit facilities as of March 31, 2013.
West Texas Gulf Pipe Line Company, a subsidiary of Sunoco Logistics, has a $35 million revolving credit facility. Outstanding borrowings under this credit facility were $33 million as of March 31, 2013.
Compliance with Our Covenants
We were in compliance with all requirements, tests, limitations, and covenants related to our credit agreements as of March 31, 2013.