As filed with the Securities and Exchange Commission on June 5, 2018
Registration No. 333-221411
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 1 TO
Form S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ENERGY TRANSFER PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
| Delaware |
73-1493906 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
8111 Westchester Drive, Suite 600
Dallas, Texas 75225
(214) 981-0700
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Thomas E. Long
Chief Financial Officer
Energy Transfer Partners, L.P.
8111 Westchester Drive, Suite 600
Dallas, Texas 75225
(214) 981-0700
(Address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
William N. Finnegan IV
Debbie P. Yee
Latham & Watkins LLP
811 Main Street, Suite 3700
Houston, Texas 77002
(713) 546-5400
Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective on filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for comply with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐
|
| ||||
| Title of each class of securities to be registered |
Amount to be registered/proposed maximum offering price per unit/proposed maximum aggregate offering price |
Amount of registration fee | ||
| Common Units Representing Limited Partner Interests |
(1) | |||
| Preferred Units Representing Limited Partner Interests |
(1) | |||
| Debt Securities |
(1) | |||
| Guarantees of Debt Securities |
(1)(2) | |||
| Total |
$(1)(3) | $(3) | ||
|
| ||||
|
| ||||
| (1) | An unspecified number of securities or aggregate principal amount, as applicable, is being registered as may from time to time be offered at unspecified prices and, in addition, an unspecified number of additional common units is being registered as may be issued from time to time upon conversion of any debt securities that are convertible into common units or pursuant to any anti-dilution adjustments with respect to any such convertible debt securities. |
| (2) | Subsidiaries of Energy Transfer Partners, L.P. may fully and unconditionally guarantee on an unsecured basis the debt securities of Energy Transfer Partners, L.P. Pursuant to Rule 457(n) under the Securities Act, no separate fee is payable with respect to the guarantees of the debt securities. |
| (3) | In accordance with Rules 456(b) and 457(r) under the Securities Act, the registrant is deferring payment of the registration fee with respect to the securities that may be offered by the registrant in a primary offering in connection with this Registration Statement. |
TABLE OF ADDITIONAL REGISTRANTS
| Exact Name of Registrant as Specified in Its Charter* |
State or Other Jurisdiction of Incorporation or Organization |
I.R.S. Employer Identification Number | ||
| Sunoco Logistics Partners Operations L.P. |
Delaware | 23-3102657 |
| * | The address, including zip code, and telephone number, including area code, of the additional registrant’s principal executive office is c/o Energy Transfer Partners, L.P., 8111 Westchester Drive, Suite 600, Dallas, Texas 75225, Tel. (214) 981-0700. |
EXPLANATORY NOTE
This Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (Registration No. 333-221411) is being filed for the purpose of (i) adding guarantees of debt securities to be issued hereunder as an additional class of securities under the Registration Statement, (ii) adding Sunoco Logistics Partners Operations L.P., which may guarantee debt securities to be issued hereunder, as an additional registrant under the Registration Statement and (iii) adding certain information in Item 15 of Part II with respect to the guarantor. No changes or additions are being made hereby to the base prospectus that already forms a part of the Registration Statement. Accordingly, the base prospectus is omitted from this filing.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
| Item 14. | Other Expenses of Issuance and Distribution |
The following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.
| SEC registration fee |
$ | (1) | ||
| FINRA filing fee |
$ | (2) | ||
| The New York Stock Exchange supplemental listing fee |
$ | (2) | ||
| Printing expenses |
$ | (2) | ||
| Legal fees and expenses |
$ | (2) | ||
| Accounting fees and expenses |
$ | (2) | ||
| Blue Sky, qualification fees and expenses |
$ | (2) | ||
| Transfer agent fees and expenses |
$ | (2) | ||
| Trustee fees and expenses |
$ | (2) | ||
|
|
|
|||
| Total |
$ | (2) | ||
|
|
|
| (1) | The registrant is deferring payment of the registration fee in reliance on Rule 456(b) and Rule 457(r). |
| (2) | These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this time. |
| Item 15. | Indemnification of Directors and Officers |
As provided in our partnership agreement, which is incorporated herein by reference, we will generally indemnify our general partner, officers, directors and affiliates of our general partner to the fullest extent permitted by the law against all losses, claims, damages or similar events; provided, that the indemnitee will not be indemnified and held harmless if there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the indemnitee is seeking indemnification, the indemnitee acted in bad faith or engaged in fraud, willful misconduct, or in the case of a criminal matter, acted with knowledge that the indemnitee’s conduct was unlawful. Subject to any terms, conditions or restrictions set forth in our partnership agreement, Section 17-108 of the Delaware Revised Uniform Limited Partnership Act empowers a Delaware limited partnership to indemnify and hold harmless any partner or other persons from and against all claims and demands whatsoever.
The partnership agreement of Sunoco Logistics Partners Operations L.P. (“OpCo”) provides that OpCo will, to the fullest extent permitted by law, but subject to the limitations expressly provided therein, indemnify and hold harmless its general partner, any Departing Partner (as defined therein), any person who is or was an affiliate of its general partner or any Departing Partner, any person who is or was a member, partner, officer, director, employee, agent or trustee of any Group Member (as defined therein), the general partner or any Departing Partner or any affiliate of any Group Member, the general partner or any Departing Partner, and any person who is or was serving at the request of the general partner or any Departing Partner or any affiliate of the general partner or any Departing Partner as an officer, director, employee, member, partner, agent, fiduciary or trustee of another person (each, an “OpCo Indemnitee”) from and against any and all losses, claims, damages, liabilities (joint or several), expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any OpCo Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an OpCo Indemnitee, provided, that in each case the OpCo Indemnitee acted in good faith and in a manner that such OpCo Indemnitee reasonably believed to be in, or (in the case of a person other than the general partner) not opposed to, the best interests of OpCo and, with
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respect to any criminal proceeding, had no reasonable cause to believe its conduct was unlawful. This indemnification would under certain circumstances include indemnification for liabilities under the Securities Act. To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an OpCo Indemnitee who is indemnified pursuant to OpCo’s partnership agreement in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by OpCo prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by OpCo of any undertaking by or on behalf of the OpCo Indemnitee to repay such amount if it shall be determined that the OpCo Indemnitee is not entitled to be indemnified under OpCo’s partnership agreement. Any indemnification under these provisions will be only out of the assets of OpCo.
To the extent that the indemnification provisions of our partnership agreement or the partnership agreement of OpCo purports to include indemnification for liabilities arising under the Securities Act of 1933, as amended, in the opinion of the Securities and Exchange Commission, such indemnification is contrary to public policy and is therefore unenforceable.
| Item 16. | Exhibits |
(a) Exhibits
A list of exhibits filed with this registration statement on Form S-3 is set forth on the Exhibit Index and is incorporated herein by reference.
| Item 17. | Undertakings |
(a) Each of the undersigned registrants hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement ; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, each of the undersigned registrants undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any other communications that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) Each of the registrants hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of each of the undersigned registrants pursuant to the foregoing
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provisions, or otherwise, each of the undersigned registrants has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of each of the undersigned registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, each of the undersigned registrants will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
(d) Each of the undersigned registrants hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act (the “Act”) in accordance with the rules and regulations prescribed by the SEC under section 305(b)(2) of the Act.
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EXHIBIT INDEX
| * | To be filed by amendment or incorporated by reference in connection with the offering of the securities. |
| ** | Previously filed. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment No. 1 to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on June 5, 2018.
| 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/ Thomas E. Long | |
| Thomas E. Long Chief Financial Officer | ||
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Thomas E. Long, James M. Wright, Jr. and William J. Healy, or each of them individually, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to file and sign any and all amendments, including post-effective amendments and any registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act, to this registration statement, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to the registration statement has been signed below by the following persons on behalf of the registrant in the capacities (which are with Energy Transfer Partners, L.L.C., the general partner of Energy Transfer Partners GP, L.P., the general partner of Energy Transfer Partners, L.P.) and on the dates indicated.
| SIGNATURE |
TITLE |
DATE | ||
| * Kelcy L. Warren |
Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) |
June 5, 2018 | ||
| /s/ Thomas E. Long Thomas E. Long |
Chief Financial Officer (Principal Financial Officer) |
June 5, 2018 | ||
| * A. Troy Sturrock |
Senior Vice President and Controller (Principal Accounting Officer) |
June 5, 2018 | ||
| * Matthew S. Ramsey |
President, Chief Operating Officer and Director |
June 5, 2018 | ||
| * David K. Skidmore |
Director |
June 5, 2018 | ||
|
Ray C. Davis |
Director |
June 5, 2018 | ||
| * Marshall S. McCrea, III |
Director |
June 5, 2018 | ||
| * Michael K. Grimm |
Director |
June 5, 2018 | ||
|
W. Brett Smith |
Director |
June 5, 2018 | ||
| *By: /s/ Thomas E. Long |
| Thomas E. Long |
| Attorney-in-fact |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment No. 1 to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on June 5, 2018.
| SUNOCO LOGISTICS PARTNERS OPERATIONS L.P. | ||
| By: | Sunoco Logistics Partners GP LLC, its general partner | |
| By: | /s/ Thomas E. Long | |
| Thomas E. Long | ||
| Chief Financial Officer | ||
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Thomas E. Long, James M. Wright, Jr. and William J. Healy, or each of them individually, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to file and sign any and all amendments, including post-effective amendments and any registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act, to this registration statement, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney shall be governed by and construed with the laws of the State of Delaware and applicable federal securities laws.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to the registration statement has been signed below by the following persons on behalf of the registrant in the capacities (which are with Sunoco Logistics Partners GP LLC, the general partner of Sunoco Logistics Operations Partners L.P.) and on the dates indicated.
| SIGNATURE |
TITLE |
DATE | ||
| /s/ Kelcy L. Warren Kelcy L. Warren |
Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) |
June 5, 2018 | ||
| /s/ Thomas E. Long Thomas E. Long |
Chief Financial Officer and Director (Principal Financial Officer) |
June 5, 2018 | ||
Exhibit 5.1
| 811 Main Street, Suite 3700 | ||||||||||
| Houston, TX 77002 | ||||||||||
| Tel: +1.713.546.5400 Fax: +1.713.546.5401 | ||||||||||
| www.lw.com | ||||||||||
|
FIRM / AFFILIATE OFFICES | |||||||||
| Barcelona | Moscow | |||||||||
| Beijing | Munich | |||||||||
| Boston | New York | |||||||||
| Brussels | Orange County | |||||||||
| Century City | Paris | |||||||||
| June 5, 2018 | Chicago | Riyadh | ||||||||
| Dubai | Rome | |||||||||
| Düsseldorf | San Diego | |||||||||
| Frankfurt | San Francisco | |||||||||
| Energy Transfer Partners, L.P. | Hamburg | Seoul | ||||||||
| 811 Westchester Drive, Suite 600 | Hong Kong | Shanghai | ||||||||
| Dallas, Texas 75225 | Houston | Silicon Valley | ||||||||
| London | Singapore | |||||||||
| Los Angeles | Tokyo | |||||||||
| Madrid | Washington, D.C. | |||||||||
| Milan | ||||||||||
| Re: | Registration Statement on Form S-3 |
Ladies and Gentlemen:
We have acted as special counsel to Energy Transfer Partners, L.P., a Delaware limited partnership (the “Partnership”), in connection with its filing on the date hereof with the Securities and Exchange Commission (the “Commission”) of a registration statement on Form S-3, as amended by Post-Effective Amendment No. 1 on Form S-3 (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Act”). The Registration Statement includes a base prospectus (the “Prospectus”), which provides that it will be supplemented in the future by one or more supplements to the Prospectus (each, a “Prospectus Supplement”).
The Prospectus, as supplemented by one or more related Prospectus Supplements, will provide for the offering and sale of (i) one or more series of the Partnership’s debt securities (the “Debt Securities”) to be issued under an indenture to be entered into between the Partnership, as issuer, the subsidiary guarantors named therein and U.S. Bank National Association, as trustee (the “Base Indenture”), as it may be amended or supplemented from time to time by one or more supplemental indentures (as so amended or supplemented, the “Indenture”), (ii) common units representing limited partner interests of the partnership (the “Common Units”), (iii) preferred units representing limited partner interests of the Partnership (the “Preferred Units”) and (iv) guarantees of the Debt Securities (the “Guarantees”) by subsidiaries of the Partnership (the “Guarantor”). The Common Units, the Preferred Units, the Debt Securities and the Guarantees are collectively referred to as the “Securities.”
This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, the Prospectus or any Prospectus Supplement, other than as expressly stated herein with respect to the enforceability of the Debt Securities and the Guarantees.
As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Partnership and others as to factual matters without having independently verified such factual matters. We are opining herein as to the internal laws of the State of New York and, in numbered paragraphs 2 and 3, the Delaware
June 5, 2018
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Revised Uniform Limited Partnership Act (the “DRULPA”), and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware, any other laws, or as to any matters of municipal law or the laws of any local agencies within any state.
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof:
1. When the Indenture has been duly authorized by all necessary limited partnership action of the Partnership and duly executed and delivered, and when the specific terms of a particular series of Debt Securities and Guarantees thereof have been duly established in accordance with the terms of the Indenture and authorized by all necessary limited partnership action of the Partnership, and such Debt Securities and Guarantees have been duly executed, authenticated, issued and authenticated in accordance with the terms of the Indenture and delivered against payment therefor in the circumstances contemplated by the applicable underwriting agreement and in the manner contemplated by the Registration Statement, the Prospectus, any related Prospectus Supplement and such limited partnership action, the Debt Securities and Guarantees will have been duly authorized by all necessary limited partnership action of the Partnership and the Guarantor, respectively, and will be legally valid and binding obligations of the Partnership and the Guarantor, respectively, enforceable against the Partnership and the Guarantor in accordance with their respective terms.
Our opinions are subject to: (i) the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and remedies of creditors; (ii) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair
June 5, 2018
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dealing, and the discretion of the court before which a proceeding is brought; and (iii) the invalidity under certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy. We express no opinion as to (a) any provision for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty, (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies or judicial relief, (c) waivers of rights or defenses, (d) any provision requiring the payment of attorneys’ fees, where such payment is contrary to law or public policy, (e) any provision permitting, upon acceleration of any indebtedness (including, if applicable, any series of Debt Securities), collection of that portion of the stated principal amount thereof which might be determined to constitute unearned interest thereon, (f) the creation, validity, attachment, perfection, or priority of any lien or security interest, (g) advance waivers of claims, defenses, rights granted by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural rights, (h) waivers of broadly or vaguely stated rights, (i) provisions for exclusivity, election or cumulation of rights or remedies, (j) provisions authorizing or validating conclusive or discretionary determinations, (k) grants of setoff rights, (l) proxies, powers and trusts, (m) provisions prohibiting, restricting, or requiring consent to assignment or transfer of any right or property, (n) provisions purporting to make a guarantor primarily liable rather than as a surety, (o) provisions purporting to waive modifications of any guaranteed obligation to the extent such modification constitutes a novation, (p) any provision to the extent it requires that a claim with respect to a security denominated in other than U.S. dollars (or a judgment in respect of such a claim) be converted into U.S. dollars at a rate of exchange at a particular date, to the extent applicable law otherwise provides, and (q) the severability, if invalid, of provisions to the foregoing effect.
With your consent, we have assumed (a) that the Indenture and the Debt Securities (collectively, the “Documents”) will be governed by the internal laws of the State of New York, (b) that each of the Documents has been or will be duly authorized, executed and delivered by the parties thereto, (c) that each of the Documents constitutes or will constitute legally valid and binding obligations of the parties thereto other than the Partnership, enforceable against each of them in accordance with their respective terms, and (d) that the status of each of the Documents as legally valid and binding obligations of the parties will not be affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or to make required registrations, declarations or filings with, governmental authorities.
This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading “Legal Matters.” In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ Latham & Watkins LLP
Exhibit 12.1
| Energy Transfer Partners, L.P. | Sunoco Logistics Partners Operations L.P. | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, |
Years Ended December 31, | Three Months Ended March 31, |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
| Fixed Charges: |
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| Interest Expense |
$ | 346 | $ | 1,365 | 1,317 | 1,291 | 1,165 | 1,013 | $ | 40 | $ | 142 | $ | 157 | $ | 141 | $ | 76 | $ | 77 | ||||||||||||||||||||||||||||
| Capitalized interest |
80 | 283 | 199 | 163 | 101 | 45 | 54 | 172 | 111 | 76 | 79 | 21 | ||||||||||||||||||||||||||||||||||||
| Interest charges included in rental expense |
3 | 10 | 9 | 19 | 17 | 16 | 2 | 12 | 7 | 7 | 6 | 4 | ||||||||||||||||||||||||||||||||||||
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| Total fixed charges |
429 | 1,658 | 1,525 | 1,473 | 1,283 | 1,074 | 96 | 326 | 275 | 224 | 161 | 102 | ||||||||||||||||||||||||||||||||||||
| Series A and B preferred unit distributions |
24 | 24 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Distribution to the Legacy Series A Convertible Redeemable Preferred Units |
— | — | — | 3 | 3 | 6 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
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| Total fixed charges and preferred unit distributions |
453 | 1,682 | 1,525 | 1,476 | 1,286 | 1,080 | 96 | 326 | 275 | 224 | 161 | 102 | ||||||||||||||||||||||||||||||||||||
| Earnings: |
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| Income before income tax expense (benefit) |
839 | 1,005 | 397 | 1,366 | 1,543 | 846 | 235 | 1,142 | 695 | 386 | 275 | 540 | ||||||||||||||||||||||||||||||||||||
| Less: equity in earnings (losses) of unconsolidated affiliates |
(72 | ) | 156 | 59 | 469 | 332 | 236 | 48 | (88 | ) | (39 | ) | (24 | ) | (25 | ) | (21 | ) | ||||||||||||||||||||||||||||||
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| Total earnings |
911 | 849 | 338 | 897 | 1,211 | 610 | 187 | 1,230 | 734 | 410 | 300 | 561 | ||||||||||||||||||||||||||||||||||||
| Add: |
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| Fixed charges |
429 | 1,682 | 1,525 | 1,476 | 1,286 | 1,080 | 96 | 326 | 275 | 224 | 161 | 102 | ||||||||||||||||||||||||||||||||||||
| Amortization of capital interest |
5 | 20 | 18 | 11 | 8 | 6 | 1 | 5 | 4 | 3 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
| Distributed income of equity investors |
106 | 440 | 406 | 440 | 291 | 313 | 38 | 85 | 25 | 23 | 15 | 14 | ||||||||||||||||||||||||||||||||||||
| Less: |
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| Interest capitalized |
(80 | ) | (283 | ) | (199 | ) | (163 | ) | (101 | ) | (45 | ) | (54 | ) | (172 | ) | (111 | ) | (76 | ) | (79 | ) | (21 | ) | ||||||||||||||||||||||||
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| Income available for fixed charges |
$ | 1,371 | $ | 2,708 | $ | 2,088 | $ | 2,661 | $ | 2,695 | $ | 1,964 | $ | 268 | $ | 1,474 | $ | 927 | $ | 584 | $ | 398 | $ | 657 | ||||||||||||||||||||||||
| Ratio of earnings to fixed charges |
3.20 | 1.63 | 1.37 | 1.81 | 2.10 | 1.83 | 2.79 | 4.52 | 3.37 | 2.61 | 2.47 | 6.44 | ||||||||||||||||||||||||||||||||||||
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| Ratio of earnings to fixed charges and preferred unit distributions |
3.03 | 1.61 | 1.37 | 1.80 | 2.10 | 1.82 | 2.79 | 4.52 | 3.37 | 2.61 | 2.47 | 6.44 | ||||||||||||||||||||||||||||||||||||
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Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our reports dated February 23, 2018 with respect to the consolidated financial statements and internal control over financial reporting of Energy Transfer Partners, L.P. included in the Annual Report on Form 10-K for the year ended December 31, 2017, which are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement, and to the use of our name as it appears under the caption “Experts.”
/s/ GRANT THORNTON LLP
Dallas, Texas
June 4, 2018