Energy Transfer
SEC Filings
SC 13D/A
ENERGY TRANSFER EQUITY, L.P. filed this Form SC 13D/A on 06/29/2017
Entire Document
 << Previous Page | Next Page >>
Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
—————————————
SCHEDULE 13D
(Amendment No. 3)
 
Under the Securities Exchange Act of 1934
——————————
PENNTEX MIDSTREAM PARTNERS, LP
——————————
(Name of Issuer)
Common Units Representing Limited Partner Interests
——————————
(Title of Class of Securities)
709311104
——————————
(CUSIP Number)
Thomas E. Long
Chief Financial Officer
Energy Transfer Partners, L.P.
8111 Westchester Drive, Suite 600
Dallas, Texas 75225
(214) 981-0700
——————————
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
June 20, 2017
——————————
(Date of Event which Requires Filing of this Statement)
——————————

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ¨
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




CUSIP No. 709311104

1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 
Energy Transfer Equity, L.P.
30-0108820
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
39,056,642 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
39,056,642 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
39,056,642 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
95.93% (2)
14
TYPE OF REPORTING PERSON  
PN

(1) Includes 19,056,642 common units representing limited partner interests (“Common Units”) and 20,000,000 subordinated units representing limited partner interests (“Subordinated Units”) in the Issuer (as defined in Item 1 below) held directly and indirectly by Energy Transfer Partners, L.P. (“ETP”). The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the Issuer’s First Amended and Restated Agreement of Limited Partnership, dated June 9, 2015 (the “PennTex Partnership Agreement”), which is incorporated by reference herein), and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.

2


CUSIP No. 709311104


1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 
LE GP, LLC
27-0030188
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
39,056,642 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
39,056,642 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
39,056,642 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
95.93% (2)
14
TYPE OF REPORTING PERSON  
OO (Limited Liability Company)

(1) Includes 19,056,642 Common Units and 20,000,000 Subordinated Units in the Issuer held directly and indirectly by ETP. The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the PennTex Partnership Agreement), which is incorporated by reference herein, and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d‑3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.

3


CUSIP No. 709311104


1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 
 
Kelcy L. Warren
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
39,056,642 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
39,056,642 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
39,056,642 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
95.93% (2)
14
TYPE OF REPORTING PERSON  
IN

(1) Includes 19,056,642 Common Units and 20,000,000 Subordinated Units in the Issuer held directly and indirectly by ETP. The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the PennTex Partnership Agreement), which is incorporated by reference herein, and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d‑3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.

4


CUSIP No. 709311104


1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 
Energy Transfer Partners, L.P.
73-1493906
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
39,056,642 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
39,056,642 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
39,056,642 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
95.93% (2)
14
TYPE OF REPORTING PERSON  
IN

(1) Includes 19,056,642 Common Units and 20,000,000 Subordinated Units in the Issuer held directly and indirectly by ETP. The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the PennTex Partnership Agreement), which is incorporated by reference herein, and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d‑3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.

5


CUSIP No. 709311104


1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 

PennTex Midstream Partners, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
15,762,019 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
15,762,019 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
15,762,019 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
38.7% (2)
14
TYPE OF REPORTING PERSON  
OO (Limited Liability Company)

(1) Includes 3,262,019 Common Units and 12,500,000 Subordinated Units in the Issuer held directly by PennTex Midstream Partners, LLC (“PennTex Midstream”). The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the PennTex Partnership Agreement), which is incorporated by reference herein, and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.

6


CUSIP No. 709311104


1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 
Energy Transfer Partners GP, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
39,056,642 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
39,056,642 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
39,056,642 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
95.93% (2)
14
TYPE OF REPORTING PERSON  
PN

(1) Includes 19,056,642 Common Units and 20,000,000 Subordinated Units in the Issuer held directly and indirectly by ETP. The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the PennTex Partnership Agreement), which is incorporated by reference herein, and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d‑3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.

7


CUSIP No. 709311104


1
NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 
Energy Transfer Partners, L.L.C.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
¨  (b) ¨ 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS) 
OO (See Item 3)
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ 
6
CITIZENSHIP OR PLACE OF ORGANIZATION  
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7
SOLE VOTING POWER  
0
8
SHARED VOTING POWER  
39,056,642 (1)
9
SOLE DISPOSITIVE POWER 
0
10
SHARED DISPOSITIVE POWER 
39,056,642 (1)
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
39,056,642 (1)
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨ 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
95.93% (2)
14
TYPE OF REPORTING PERSON  
OO (Limited Liability Company)

(1) Includes 19,056,642 Common Units and 20,000,000 Subordinated Units in the Issuer held directly and indirectly by ETP. The Subordinated Units will convert into Common Units on a one-for-one basis after expiration of the subordination period (as defined in the PennTex Partnership Agreement), which is incorporated by reference herein, and other circumstances as noted in the PennTex Partnership Agreement. As such Subordinated Units were acquired in connection with transactions having the effect of changing or influencing the control of the Issuer, such Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d‑3(d)(1)(i) of the Securities Exchange Act of 1934, as amended.
(2) Calculation of percentage based on a total of 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017.


8




Explanatory Note: This Amendment No. 3 (the “Amendment No. 3”) to Schedule 13D is being filed by the Reporting Persons (as such term is defined below), to amend the Schedule 13D originally filed on November 14, 2016 (the “Original 13D”), as amended by Amendment No. 1 thereto, filed on March 23, 2017 (“Amendment No. 1”) and Amendment No. 2 thereto, filed on May 23, 2017 (“Amendment No. 2,” and, together with the Original 13D, Amendment No. 1 and this Amendment No. 3, the “Schedule 13D”).
The Reporting Persons named in Item 2 below are hereby jointly filing this Amendment No. 3 because, due to certain affiliations and relationships among the Reporting Persons, such Reporting Persons may be deemed to beneficially own some or all of the same securities from the Issuer (as such term is defined below) deemed to be beneficially owned by one or more of the Reporting Persons. In accordance with Rule 13d-1(k)(1)(iii) promulgated pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Reporting Persons named in Item 2 below have executed a written agreement relating to the joint filing of this Amendment No. 3 (the “Joint Filing Agreement”), a copy of which is filed with the Schedule 13D as Exhibit A.



9




Item 2. Identity and Background
Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:
(a)
This Amendment No. 3 is being filed by:
(i)
PennTex Midstream Partners, LLC (“PennTex Midstream”);
(ii)
Energy Transfer Partners, L.P., a Delaware limited partnership (“ETP”);
(iii)
Energy Transfer Partners GP, L.P., a Delaware limited partnership (“ETP GP”);
(iv)
Energy Transfer Partners, L.L.C., a Delaware limited liability company (“ETP LLC”);
(v)
Energy Transfer Equity, L.P., a Delaware limited partnership (“ETE”);
(vi)
LE GP, LLC, a Delaware limited liability company (“LE GP”); and
(vii)
Kelcy L. Warren, (“Warren,” and collectively with PennTex Midstream, ETP, ETP GP, ETP LLC, ETE, and LE GP, the “Reporting Persons”).
PennTex Midstream’s principal business was to develop multi-basin midstream growth platforms focused on organic growth projects in partnership with oil and natural gas producers and to own 3,262,019 Common Units, 12,500,000 Subordinated Units, 92.5% of the Issuer’s incentive distribution rights and 92.5% of the interests of PennTex Midstream GP, LLC, the general partner of the Issuer (“PennTex GP”). The principal business of ETP is to provide midstream services to producers and consumers of natural gas, NGLs, crude oil and refined products through its subsidiaries. ETP is the sole member of PennTex Midstream. The general partner of ETP is ETP GP. The principal business of ETP GP is serving as the general partner of ETP. The general partner of ETP GP is ETP LLC. The principal business of ETP LLC is serving as the general partner of ETP GP. The principal business of ETE is to own all of the interests in the general partner of ETP and certain equity securities of ETP, to acquire interests in other publicly traded partnerships, and to pursue certain opportunities to acquire or construct natural gas midstream or transportation assets. The general partner of ETE is LE GP. The principal business of LE GP is serving as the general partner of ETE. Warren is a United States citizen. His principal occupation is Chairman of the Board and Chief Executive Officer of ETP LLC and Chairman of the Board of LE GP. The principal office of each of the Reporting Persons is located at 8111 Westchester Drive, Suite 600, Dallas, Texas 75225.

10





The name, business address and present principal occupation or employment of each of the executive officers and directors of ETP LLC and LE GP (the “Listed Persons”) are set forth below:
ETP LLC:
Name and Business Address
Capacity in Which
Serves ETP LLC
Principal Occupation
Kelcy L. Warren
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Chairman of the Board and Chief Executive Officer
Chairman and Chief Executive Officer of Energy Transfer Partners, L.L.C. and Chairman of the Board of LE GP, LLC
Michael K. Grimm
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director
President and Chief Executive Officer of Rising Star Energy, L.L.C.
David K. Skidmore
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director
President Skidmore Exploration Inc.
Matthew S. Ramsey
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director, President and Chief Operating Officer
President and Chief Operating Officer of Energy Transfer Partners, L.L.C.
Marshall S. McCrea, III
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director and Chief Commercial Officer
ETE Group Chief Operating Officer and Chief Commercial Officer of LE GP, LLC; Chief Commercial Officer of Energy Transfer Partners, L.L.C.
Thomas E. Long
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Chief Financial Officer
Chief Financial Officer of Energy Transfer Partners, L.L.C.; Group Chief Financial Officer of LE GP, LLC
A. Troy Sturrock
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Senior Vice President, Controller and Principal Accounting Officer
Senior Vice President, Controller and Principal Accounting Officer of Energy Transfer Partners, L.L.C.
James M. Wright
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
General Counsel
General Counsel of Energy Transfer Partners, L.L.C.


11




LE GP:
Name and Business Address
Capacity in Which
Serves LE GP, LLC
Principal Occupation
John W. McReynolds
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
President and Director
President of LE GP, LLC
Thomas E. Long
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Group Chief Financial Officer
Group Chief Financial Officer of LE GP, LLC; Chief Financial Officer of Energy Transfer Partners, L.L.C.
Kelcy L. Warren
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Chairman of the Board
Chairman and Chief Executive Officer of Energy Transfer Partners, L.L.C. and Chairman of the Board of LE GP, LLC
Ted Collins, Jr.
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director
President of Collins & Ware Inc.
K. Rick Turner
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director
Retired Senior Managing Principal, The Stephens Group, LLC
Marshall S. McCrea, III
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Group Chief Operating Officer, Chief Commercial Officer and Director
ETE Group Chief Operating Officer and Chief Commercial Officer; Chief Commercial Officer of Energy Transfer Partners, L.L.C.
Matthew S. Ramsey
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director
President and Chief Operating Officer of Energy Transfer Partners, L.L.C.
William P. Williams
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Director
Retired Vice President of Engineering and Operations at Energy Transfer Partners, L.P.
Brad Whitehurst
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Executive Vice President and Head of Tax
Executive Vice President and Head of Tax of LE GP, LLC and Energy Transfer Partners, L.L.C.
Thomas P. Mason
8111 Westchester Drive,
Suite 600
Dallas, TX 75225
Executive Vice President and General Counsel
Executive Vice President and General Counsel of LE GP, LLC


12




(d)
None of the Reporting Persons or Listed Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)
None of the Reporting Persons or Listed Persons has, during the last five years, been a party to a civil proceeding of a judicial administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)
All of the individuals listed in this Item 2 are citizens of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is hereby amended to add the following:
The aggregate purchase price for the Common Units pursuant to the Tender Offer (described below) was $247,200,920, at a price of $20.00 per Common Unit. All of the funds required to acquire the Common Units were obtained from ETP’s available cash, including borrowings under its credit facility as described in the Offer to Purchase, which is included as Exhibit D hereto and is incorporated by reference herein. A copy of ETP’s Amended and Restated Credit Agreement is included as Exhibit E hereto.

13




Item 4. Purpose of the Transaction
Item 4 is hereby amended and restated in its entirety as follows:
On May 17, 2017, the board of directors of the general partner of ETP’s general partner directed management of ETP to pursue a tender offer (the “Tender Offer”) to purchase all of the outstanding Common Units of PennTex Midstream Partners, LP (“PennTex”). The Tender Offer was announced on May 18, 2017 pursuant to the Offer to Purchase filed by ETP as part of a statement in the Schedule TO filed with the SEC on May 18, 2017 (together with all other exhibits thereto, and as amended, the “Schedule TO”). The Offer to Purchase, letter of transmittal and related documents were mailed to unitholders of record of PennTex on May 18, 2017. Prior to the announcement of the Tender Offer, ETP owned 6,701,596 Common Units, representing approximately 32.35% of the outstanding Common Units. The purpose of the Tender Offer was to acquire for cash as many outstanding Common Units as possible as a first step in acquiring all of the equity interests in PennTex not already owned by ETP.
On June 19, 2017, the Tender Offer expired at 5:00 p.m. Eastern time. The Tender Offer resulted in ETP and its affiliates owning greater than 80% of the Common Units outstanding. Accordingly, on June 20, 2017, ETP announced that, as it had previously committed to upon owning more than 80% of the Common Units outstanding, it was exercising its limited call right under Article XV of the PennTex Partnership Agreement to acquire any remaining Common Units not owned by it for at least the same price per Common Unit paid pursuant to the Tender Offer. The limited call right will be exercised on June 30, 2017, at which point there will be no public market for the Common Units and no holders of the Common Units other than ETP and its affiliates, and the Common Units will be delisted from the Nasdaq and deregistered under the Exchange Act. Upon the exercise of the limited call right, PennTex will become an indirect wholly owned subsidiary of ETP, and ETP expects to amend and restate the certificate of limited partnership and agreement of limited partnership of PennTex to make such changes it deems necessary or appropriate.
Except as set forth in this Schedule 13D and in connection with the transaction described above, ETP has no plan or proposal that relates to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.


14




Item 5.    Interest in Securities of the Issuer
Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:
(a)-(b)
As set forth herein, Warren has shared voting and dispositive power over 39,056,642 Units beneficially owned by LE GP, representing approximately 95.93% of the total issued and outstanding Units. Warren is the Chairman of the Board and Chief Executive Officer of ETP LLC and Chairman of the Board of LE GP and owns an 81.2% equity interest in LE GP. LE GP is the general partner of ETE, which is the sole member of ETP LLC, which is the general partner of ETP GP, which is the general partner of ETP, which directly owns 3,039,577 Common Units, 7,500,000 Subordinated Units and 7.5% of the membership interests in PennTex GP and is the sole member of PennTex Midstream, which directly owns 3,262,019 Common Units, 12,500,000 Subordinated Units and 92.5% of the membership interests in PennTex GP. Accordingly, ETP directly owns 23,294,623 Units and indirectly owns 15,762,019 Units.
LE GP holds no Units directly, but is the general partner of ETE. Therefore, both Warren and LE GP have an indirect beneficial ownership of the 39,056,642 Units, representing approximately 95.93% of the outstanding Units, owned directly and indirectly by ETP. As set forth herein, LE GP, as general partner of ETE, has shared voting power over the 39,056,642 Units owned directly and indirectly by ETP.
ETE holds no Units directly, but is sole member of ETP LLC, and as such has an indirect beneficial ownership of the 39,056,642 Units, representing approximately 95.93% of the outstanding Units, owned directly and indirectly by ETP. As set forth herein, ETE, as the sole member of ETP LLC, has shared voting and dispositive power over the 39,056,642 Units owned directly and indirectly by ETP.
ETP LLC holds no Units directly, but is the general partner of ETP GP, and as such has an indirect beneficial ownership of the 39,056,642 Units, representing approximately 95.93% of the outstanding Units, owned directly and indirectly by ETP. As set forth herein, ETP LLC, as the general partner of ETP GP, has shared voting and dispositive power over the 39,056,642 Units owned directly and indirectly by ETP.
ETP GP holds no Units directly, but is the general partner of ETP, and as such has an indirect beneficial ownership of the 39,056,642 Units, representing approximately 95.93% of the outstanding Units, owned directly and indirectly by ETP. As set forth herein, ETP GP, as the general partner of ETP, has shared voting and dispositive power over the 39,056,642 Units owned directly and indirectly by ETP.
ETP holds directly 23,294,623 Units, representing approximately 57.21% of the outstanding Units. ETP is the sole member of PennTex Midstream, and as such has an indirect beneficial ownership of the 15,762,019 Units owned directly by PennTex Midstream. ETP’s direct and indirect ownership of the Units represents approximately 95.93% of the outstanding Units. As set forth herein, ETP has shared voting and dispositive power over the 23,294,623 Units directly owned and 15,762,019 Units indirectly owned by it.

15




PennTex Midstream holds directly 15,762,019 Units, and as such has a direct beneficial ownership of the 15,762,019 Units, representing approximately 38.7% of the outstanding Units. As set forth herein, PennTex Midstream is a wholly-owned subsidiary of ETP, and therefore PennTex Midstream has shared voting and dispositive power over the 15,762,019 Units directly owned by it.
The aforementioned ownership amounts of Units by the Reporting Persons are as of June 23, 2017, the most recent practicable date for this filing of this Amendment No. 3. The percentage ownership amounts are based on 20,714,256 Common Units and 20,000,000 Subordinated Units outstanding as of June 1, 2017 (based on the information set forth in the Issuer’s Quarterly Report on Form 10-Q, filed on May 3, 2017). The Subordinated Units may be converted into Common Units on a one-for-one basis after expiration of the subordination period, as described in PennTex Partnership Agreement, which is incorporated by reference herein. The Subordinated Units are considered converted for purposes of the calculations set forth in this Amendment No. 3.
(c)
Except for the acquisitions of Units described in Item 3 above, to the knowledge of the Reporting Persons, none of the persons named in response to paragraph (a) above has effected any transaction in Units during the past 60 days, except for the acquisition of beneficial ownership of units being reported on this Schedule 13D.
(d)
Except as otherwise described herein, no other person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds of sale of, the Units described in this Item 5.
(e)
Not applicable.
Item 7.     Materials to be Filed as Exhibits
EXHIBIT D -
Offer to Purchase, dated May 18, 2017 (incorporated by reference to Exhibit (a)(1)(i) to the Schedule TO filed by ETP).
EXHIBIT E -
Second Amended and Restated Credit Agreement dated as of October 27, 2011 among Energy Transfer Partners, L.P., Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an LC Issuer, the other lenders party thereto and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc., as Joint Lead Arrangers and Joint Book Managers (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by ETP on November 2, 2011).


16




SIGNATURE
After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned hereby certifies that the information set forth in this statement is true, complete and correct.
Dated: June 29, 2017
*                
Kelcy L. Warren
ENERGY TRANSFER EQUITY, L.P.
By: LE GP, LLC, its general partner
By: *                
Name: John W. McReynolds
Title: President
LE GP, LLC
By: *                
Name: John W. McReynolds
Title: President
ENERGY TRANSFER PARTNERS, L.P.
By: Energy Transfer Partners GP, L.P., its general partner
By: Energy Transfer Partners, L.L.C., its general partner
By: /s/ William J. Healy
Name: William J. Healy
Title: Secretary
ENERGY TRANSFER PARTNERS GP, L.P.
By: Energy Transfer Partners, L.L.C., its general partner
By: /s/ William J. Healy
Name: William J. Healy
Title: Secretary
ENERGY TRANSFER PARTNERS, L.L.C.
By: /s/ William J. Healy
Name: William J. Healy
Title: Secretary

17





PENNTEX MIDSTREAM PARTNERS, LLC
By: /s/ Todd Carpenter
Name: Todd Carpenter
Title: Secretary
* By: /s/ William J. Healy
William J. Healy
as Attorney-in-Fact


18

 << Previous Page | Next Page >>