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SEC Filings
424B5
ENERGY TRANSFER OPERATING, L.P. filed this Form 424B5 on 01/10/2019
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Table of Contents

CAPITALIZATION

The following table sets forth our cash and cash equivalents and total capitalization as of September 30, 2018, on an:

 

   

actual basis;

 

   

as adjusted basis to give effect to the consummation of the merger transactions; and

 

   

as further adjusted basis to give effect to our offering of the notes by this prospectus supplement and the application of the net proceeds therefrom in the manner described under “Use of Proceeds.”

This table should be read together with our historical financial statements and the accompanying notes incorporated by reference into this prospectus supplement and the accompanying prospectus.

 

     September 30, 2018  
     Actual     As Adjusted     As Further
Adjusted
 
           (in millions)        

Cash and cash equivalents

   $ 379     $ 397     $ 397  
  

 

 

   

 

 

   

 

 

 

Debt:

      

Credit Facilities

      

Our revolving credit facility(1)

     1,780       2,730       989  

Subsidiaries’ revolving credit facilities(2)

     2,500       3,991       3,991  

Notes

      

Notes(3)

     28,690       28,690       31,840  

Subsidiaries’ senior notes and other debt(4)

     1,030       4,065       3,915  

Unamortized premiums, net of discounts and fair value adjustments

     35       35       23  

Deferred debt issuance costs

     (188     (229     (259
  

 

 

   

 

 

   

 

 

 

Total debt

     33,847       39,282       40,499  
  

 

 

   

 

 

   

 

 

 

Redeemable noncontrolling interests

     22       499       499  

Equity:

      

Series A Preferred Unitholders

     944       944       944  

Series B Preferred Unitholders

     547       547       547  

Series C Preferred Unitholders

     439       439       439  

Series D Preferred Unitholders

     436       436       436  

Partnership Equity

     25,976       27,650       27,650  

Noncontrolling interests

     6,334       8,197       8,197  
  

 

 

   

 

 

   

 

 

 

Total equity

     34,676       38,213       38,213  
  

 

 

   

 

 

   

 

 

 

Total capitalization

   $ 68,545     $ 77,994     $ 79,211  
  

 

 

   

 

 

   

 

 

 

 

(1)

Includes $1.57 billion of commercial paper outstanding at September 30, 2018 under our revolving credit facility. As of December 31, 2018, we had $3.69 billion outstanding under our revolving credit facility (including $2.34 billion of commercial paper) and no borrowings outstanding under our $1.0 billion 364-day facility. The “as adjusted” amount includes $950 million of borrowings incurred in connection with the closing of the merger transactions and used to fund an intercompany loan to ET, the proceeds from which ET used to repay borrowings under its revolving credit facility prior to terminating the facility.

(2)

The “actual” amount includes $2.5 billion outstanding under the revolving credit facility of Dakota Access, LLC (“Dakota Access”). The “as adjusted” and “as further adjusted” amounts also include $1.0 billion of borrowings outstanding under USAC’s revolving credit facility and $493 million outstanding under SUN’s revolving credit

 

S-10

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