Introductory Note
On October 19, 2018, the registrant, Energy Transfer Partners, L.P., a Delaware limited partnership, changed its name to “Energy Transfer Operating, L.P.” (the “ETP Name Change”). References herein to the “Partnership” refer to Energy Transfer Partners, L.P. prior to the ETP Name Change, and Energy Transfer Operating, L.P. following the ETP Name Change.
Item 1.01. Entry into a Material Definitive Agreement.
5-Year Credit Agreement Amendment
On October 19, 2018, the Partnership entered into an Amendment No. 1 to Five-Year Credit Agreement, Joinder and Increase and Extension Agreement (the “Amendment to Revolving Credit Agreement”) with the lenders party thereto and Wells Fargo Bank, National Association, in its capacity as administrative agent (the “Administrative Agent”), pursuant to which the lenders thereto severally agreed to (a) provide $1.00 billion in aggregate incremental commitments under the Partnership’s existing revolving credit facility provided pursuant to the Credit Agreement, dated as of December 1, 2017 (as amended, supplemented and modified, the “Revolving Credit Agreement”), by and among the Partnership, the several banks and other financial institutions party thereto and the Administrative Agent, (b) extend the maturity date of the Revolving Credit Agreement for an additional year to December 1, 2023 and (c) amend certain other provisions of the Revolving Credit Agreement as more specifically set forth in the Amendment to Revolving Credit Agreement. After giving effect to the Amendment to Revolving Credit Agreement, the Revolving Credit Agreement permits the Partnership to borrow up to $5 billion on a revolving credit basis.
364-Day Credit Agreement Amendment
On October 19, 2018, the Partnership entered into an Amendment No. 1 to364-Day Credit Agreement, Joinder and Extension Agreement (the “Amendment to364-Day Credit Agreement,” and together with the Amendment to Revolving Credit Agreement, the “Credit Agreement Amendments”) with the lenders party thereto and the Administrative Agent pursuant to which the lenders thereto severally agreed to (a) extend the maturity date of the Partnership’s364-day existing revolving credit facility provided pursuant to the364-Day Credit Agreement, dated as of December 1, 2017 (as amended, supplemented and modified, the“364-Day Credit Agreement”), by and among the Partnership, the several banks and other financial institutions party thereto and the Administrative Agent of the364-Day Credit Agreement, for an additional 364 days to November 29, 2019 and (b) amend certain other provisions of the Credit Agreement as more specifically set forth in the Amendment to364-Day Credit Agreement.
The disclosure contained in this Item 1.01 does not purport to be a complete description of the Credit Agreement Amendments and is qualified in its entirety by reference to the Amendment to Revolving Credit Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference, and to the Amendment to364-Day Credit Agreement, which is attached hereto as Exhibit 10.2 and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under anOff-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated herein by reference in this Item 2.03.
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