Project

Harris County Industrial Development Corporation issued $255 million in refunding revenue bonds in 2023.

The Bonds were issued to refund its Marine Terminal Revenue Bonds (HFOTCO LLC Project) Series 2010 in the principal amount of $75 million, its Marine Terminal Revenue Bonds (HFOTCO LLC Project) Series 2011 in the principal amount of $50 million and its Marine Terminal Revenue Bonds (HFOTCO LLC Project) Series 2012 in the principal amount of $100 million (collectively, the “Prior Bonds”). The Bonds are special limited obligations of the Issuer and will be payable solely from, and secured solely by, a pledge of payments derived by the Issuer under a loan agreement between the Issuer and Energy Transfer LP (“Energy Transfer”).

The Prior Bonds were issued as qualified Hurricane Ike disaster area bonds to finance the cost of qualified projects. The proceeds of the Prior Bonds were loaned to HFOTCO LLC, which is a wholly-owned subsidiary of Energy Transfer. Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major US production basins.