Energy Transfer plans series A cumulative redeemable preferred units

By Devika Patel

Knoxville, Tenn., Nov. 8 – Energy Transfer Partners, LP is offering series A fixed-to-floating rate cumulative redeemable perpetual preferred units, according to a prospectus filed with the Securities and Exchange Commission.

The coupon will be a fixed rate until Feb. 15, 2023, after which the rate will convert to a floating coupon at Libor plus a spread.

Dividends will be payable semiannually in arrears on Feb. 15 and Aug. 15 of each year during the fixed-rate period. Beginning Feb. 15, 2023, interest will be payable quarterly on the 15th day of February, May, August and November.

The units become redeemable in whole or in part on Feb. 15, 2023. The company may conduct multiple partial redemptions.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co., MUFG and TD Securities (USA) LLC are the joint bookrunners.

Proceeds will be used to repay outstanding debt under Energy Transfer’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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