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Energy Transfer to price senior notes due 2034, 2054
By Mary-Katherine Stinson
Lexington, Ky., Jan. 10 – Energy Transfer LP intends to price a dollar-denominated two-part note offering, according to a 424B3 filing with the Securities and Exchange Commission.
The notes have maturity dates of May 15, 2034 and May 15, 2054.
Each series will feature a make-whole call followed by a par call. The 2034 notes feature a make-whole call until Feb. 15, 2034, three months prior to maturity. The 2054 notes are callable at a make-whole premium until Nov. 15, 2053, six months before maturity.
Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and RBC Capital Markets LLC are the joint bookrunning managers for the offering.
U.S. Bank NA is the trustee.
Latham & Watkins LLP will advise the issuer, and Hunton Andrews Kurth LLP is counsel to the underwriters.
The company does not intend to apply to list the notes on any securities exchange.
Concurrently with this offering, under a separate prospectus supplement, Energy Transfer is offering fixed-to-fixed reset rate junior subordinated notes due May 15, 2054. Neither offering is conditioned on one another.
Proceeds from this and the concurrent offering are earmarked to repay debt, including under the company’s revolver maturing April 11, 2027, and to redeem all of the company’s outstanding series C, D and E preferred units at an aggregate liquidation preference of $1.69 billion, and for general partnership purposes. The series E preferred units are redeemable on May 15, 2024.
Dallas-based Energy Transfer Partners owns and operates a portfolio of energy assets.
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