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SEC Filings
10-Q
SOUTHERN UNION CO filed this Form 10-Q on 08/08/2013
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5.
DEBT OBLIGATIONS:
Based on the estimated borrowing rates currently available to the Company and its subsidiaries for loans with similar terms and average maturities, the aggregate fair value of the Company’s consolidated debt obligations at June 30, 2013 and December 31, 2012 was $3.10 billion and $3.39 billion, respectively.  As of June 30, 2013 and December 31, 2012, the aggregate carrying amount of the Company’s consolidated debt obligations was $3.06 billion and $3.28 billion, respectively.  The fair value of the Company’s consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.
Note Exchange
On June 24, 2013, ETP completed the exchange of approximately $1.09 billion total principal amount of the Company’s outstanding senior notes, comprising 77% of the principal amount of the 7.6% Senior Notes due 2024, 89% of the principal amount of the 8.25% Senior Notes due 2029 and 91% of the principal amount of the Junior Subordinated Notes due 2066.  These notes were exchanged for new notes issued by ETP with the same coupon rates and maturity dates.  In conjunction with this transaction, the Company entered into intercompany notes payable to ETP, which provide for the reimbursement by the Company of ETP’s payments under the newly issued notes.
Credit Facilities
Proceeds from the SUGS Contribution were used to repay $240 million of borrowings under the Eighth Amended and Restated Revolving Credit Agreement (the “Southern Union Credit Facility”) and the facility was terminated. 
Panhandle Term Loans
The effective interest rate for the $455 million LNG Holdings term loan due February 2015 was 1.82% as of June 30, 2013.
Covenants Related to Our Credit Agreements
We were in compliance with all requirements, tests, limitations, and covenants related to our credit agreements as of June 30, 2013.


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