Energy Transfer to conduct four-tranche offering of senior notes

By Devika Patel

Knoxville, Tenn., Jan. 8 – Energy Transfer Operating LP plans to price senior notes in four parts, according to a Form 424B3 filed with the Securities and Exchange Commission.

The notes will be sold in four fixed-rate tranches due April 15, 2021; April 15, 2024; April 15, 2029 and April 15, 2049.

The 2021 notes are non-callable. All of the other notes will feature a make-whole call and then a par call.

BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the bookrunners.

Proceeds will be used to repay a $1.22 billion term loan due Feb. 2, 2024, to repay in full the company’s 9.7% senior notes due March 15, 2019, its 9% senior notes due April 15, 2019 and a subsidiary’s 8.125% senior notes due June 1, 2019, to repay a portion of the borrowings under the company’s revolving credit facility and for general partnership purposes.

Energy Transfer is a natural gas midstream and intrastate transportation and storage company based in Dallas.

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