New York, April 18 – Energy Transfer Partners, LP priced $450 million of series C fixed-to-floating rate cumulative redeemable perpetual preferred units with a 7.375% initial dividend after the market close on Wednesday.
The issuer sold 18 million units at par of $25.00, according to a news release.
There is a greenshoe for an additional $67.5 million, or 2.7 million units, of the preferreds.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunners.
Starting on May 15, 2023, the dividend will switch to a floating rate of Libor plus 453 basis points.
The preferreds are callable beginning on May 15, 2023 at par.
Energy Transfer Partners plans to use the proceeds to repay amounts outstanding under its revolving credit facility and for general partnership purposes.
The company intends to list the units on the New York Stock Exchange under the ticker “ETPPrC.”
Energy Transfer Partners is a Dallas-based natural gas and propane transportation company.
| Issuer: | Energy Transfer Partners, LP
|
| Issue: | Series C fixed-to-floating rate cumulative redeemable perpetual preferred units
|
| Amount: | $450 million, or 18 million units
|
| Greenshoe: | $67.5 million, or 2.7 million units
|
| Maturity: | Perpetual
|
| Dividend: | 7.375%, from May 15, 2023 floating at Libor plus 453 bps
|
| Price: | Par of $25.00
|
| Call: | Starting May 15, 2023 at par
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
| Pricing date: | April 18
|
| Settlement date: | April 25
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
