ETE/ETP take next step in structure transformation-ETP also announces 2013 distribution increase dates in amount of .01
"Energy Transfer Equity and Energy Transfer Partners Announce Another Transformative Step in Their Strategic Plan
Exchange of 50.16 million ETP common units owned by ETE for economics of 50% of SXL GP interest/IDRs
Transaction values SXL GP interest/IDRs at over $5 billion
Transaction is highly cash flow accretive to ETP
ETP to increase its distributions beginning in Q3 2013
ETE benefits from SXL growth and IDR subsidy offset with no impact on its current or future distributions "
"As a result of the significant cash flow accretion expected to be realized by ETP from this transaction ($0.25-$0.35 per common unit per annum), ETP anticipates an increase of $0.01 per common unit per quarter for each of the quarters ending September 30 and December 31, 2013. For 2014 and beyond, ETP is targeting continued distribution increases and a distribution coverage ratio of 1.05x, thereby promoting a prudent balance between distribution increases and enhanced financial flexibility and strength. "