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ETE makes private offering to help pay for Williams deal
March 9, 2016 / 10:39 PM / 2 years ago

ETE makes private offering to help pay for Williams deal

NEW YORK, March 9 (Reuters) - Energy Transfer Equity , which is in the process of buying rival pipeline company Williams Companies Inc, said it carried out a private offering of convertible shares to some of its investors in order to help pay for the deal.

ETE said shareholders - including CEO Kelcy Warren - holding more than 329 million of the company’s units elected to receive convertible units in exchange for agreeing to forego some of their distributions for up to nine quarters.

The company said that it had originally intended to allow all of its unitholders to participate in the offering, but Williams wouldn’t allow its accounting firm to consent to a public offering. (Reporting by Michael Erman; Editing by Sandra Maler)

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