Energy Transfer plans $25-par fixed-to-floating perpetual preferreds

By James McCandless

San Antonio, July 16 – Energy Transfer Partners, LP plans to price an offering of $25-par series D fixed-to-floating rate cumulative redeemable perpetual preferred units, according to a 424B3 filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The preferreds are redeemable after five years.

Energy Transfer Partners plans to use the proceeds to purchase additional series D preferred units, to repay amounts outstanding under its revolving credit facility and for general partnership purposes.

The company intends to list the preferreds on the New York Stock Exchange under the symbol “ETPPrD.”

Energy Transfer Partners is a Dallas-based natural gas transportation and storage company.

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