Energy Transfer Partners: APU To Assume $71M Of Existing Heritage Debt
Energy Transfer Partners, L.P. (NYSE:ETP] today announced it has closed on its previously announced agreement with AmeriGas Partners, L.P. (NYSE: APU) to contribute its propane operations, consisting of Heritage Operating, L.P. and Titan Energy Partners, L.P., in exchange for approximately $2.85 billion.
Under the terms of the agreement, ETP received approximately $1.46 billion in cash and approximately $1.32 billion of APU common units. In addition, APU has agreed to assume approximately $71 million of existing Heritage debt.
ETP will own approximately 34% of the common units of APU and has committed to retain those units for at least one year. UGI Corporation, through subsidiaries, will remain as the general partner of APU and ETP will appoint 1 director to the APU general partner board of directors.
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