Energy Transfer Equity, L.P. announced that it expects to receive $580 million in funding from group of investors

Energy Transfer Equity, L.P. (NYSE:ETE) announced that it has entered into definitive agreements with certain accredited investors for the private placement of 32,222,225 common units at a price of $17.999998 per unit for gross proceeds of approximately $580,000,000 on January 6, 2017. The units represent limited partner interests in the company. The closing of the transaction, which is subject to customary closing conditions, is scheduled to occur on January 12, 2017, unless otherwise agreed to by the parties.

The transaction involved participation from Tortoise Direct Opportunities Fund, LP for 1,067,849 units for proceeds of $19,221,282, Tortoise Energy Infrastructure Corporation (NYSE:TYG) for 1,509,636 units for proceeds of $27,173,448, Tortoise MLP Fund, Inc (NYSE:NTG) for 888,564 units for proceeds of $15,994,152.00, all the three funds managed by Tortoise Capital Advisors L.L.C. and other investors.