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Energy Transfer Partners Closes Regency Energy Acquisition.

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Vincent

MANews-(C)2009-2015

30 April 2015 - US-based midstream energy companies Energy Transfer Partners, L.P. (NYSE: ETP) and Regency Energy Partners LP (NYSE: RGP) have closed the merger of an indirect subsidiary of ETP with and into Regency, with Regency surviving the merger as a wholly owned subsidiary of ETP, the companies said on Thursday.

Effective with the opening of the market on 30 April, Regency ceased to be a publicly traded partnership, and its common units discontinued trading on the NYSE.

Under a January deal, Energy Transfer Partners and Regency Energy Partners LP (NYSE: RGP) agreed to merge in a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, that collectively implies a value for Regency of approximately 18.0bn, including the assumption of net debt and other liabilities of 6.8bn.

As part of the merger consideration, each Regency common unit and Class F unit will be converted into the right to receive 0.4124 ETP common units. Based on the RGP units outstanding, ETP issued approximately 172.154m ETP common units to RGP unitholders, including approximately 15.526m units issued to ETP subsidiaries.

The roughly 1.913m outstanding Regency series A preferred units were converted into corresponding new ETP series A preferred units.

In connection with the transaction, Energy Transfer Equity, L.P. (NYSE: ETE), which owns the general partner and 100% of the...

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