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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 5, 2008
Date of Report (Date of earliest event reported)
Energy Transfer Partners, L.P.
(Exact name of Registrant as specified in its charter)
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Delaware
(State or other jurisdiction
of incorporation)
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1-11727
(Commission File Number)
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73-1493906
(IRS Employer
Identification Number) |
3738 Oak Lawn Avenue
Dallas, TX 75219
(Address of principal executive offices)
(214) 981-0700
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement. |
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On February
5, 2008, Energy Transfer Partners, L.P., a Delaware limited partnership (the
Partnership), entered into a credit agreement, attached as Exhibit 10.1
hereto, with Wachovia Bank, National Association, as administrative agent, and certain other
lenders party thereto providing for a $500.0 million 364-day term
loan credit facility (the
Credit Agreement). Capitalized terms used but not defined herein have the
meanings given such terms in the Credit Agreement. The Partnership
expects to draw down the full $500.0 million on or about
February 12, 2008. Borrowings under
the Credit Agreement will be used for general corporate
purposes. Amounts borrowed under the Credit Agreement bear interest at a rate based on
either a Eurodollar or a prime rate.
The indebtedness under the Credit Agreement is unsecured and not guaranteed by
any of the Partnerships subsidiaries. The indebtedness of the
Credit Agreement is prepayable at any time at the Partnerships option without
penalty.
The Credit Agreement contains covenants that limit (subject to certain
exceptions) the ability of the Partnership and certain of the Partnerships subsidiaries to, among
other things:
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incur indebtedness; |
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grant liens; |
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enter into mergers; |
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dispose of assets; |
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make certain investments; |
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make Distributions during certain Defaults and during any Event of Default; |
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engage in business substantially different in nature than the business currently
conducted by the Partnership and its subsidiaries; |
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engage in transactions with affiliates; |
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enter into restrictive agreements; and |
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enter into speculative hedging contracts. |
The Credit Agreement also contains a financial covenant that provides that on
each date the Borrower makes a Distribution, the Leverage Ratio shall not exceed 5.0 to 1, with a
permitted increase to 5.5 to 1 during a Specified Acquisition Period.
The above description of the Credit Agreement does not purport to be complete
and is qualified in its entirety by reference to the Credit Agreement that is
attached hereto as Exhibit 10.1 and incorporated herein by reference.
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant. |
The information included under Item 1.01 above is incorporated into this Item 2.03 by reference.
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Item 9.01
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Financial Statements and Exhibits. |
(d) Exhibits. Exhibit 10.1 below is being filed herewith.
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10.1 |
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Credit Agreement dated as of February 5, 2008 by
and among the Partnership, Wachovia Bank, National Association, as administrative agent, and certain other lenders party thereto. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Energy Transfer Partners, L.P.
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By: |
Energy Transfer Partners GP, L.P., General Partner |
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By: |
Energy Transfer Partners, L.L.C., General Partner
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Date: February 7, 2008 |
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/s/ Brian J. Jennings
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Brian J. Jennings |
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Chief Financial Officer and officer duly authorized to sign on behalf of the registrant |
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Exhibit Index
Exhibits
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10.1 |
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Credit Agreement dated as of February 5, 2008 by
and among the Partnership, Wachovia Bank, National Association, as administrative agent, and certain other lenders party thereto. |