Energy Transfer to pay down revolver debt via new preferred offering

By Tali Rackner

Minneapolis, Nov. 8 – Energy Transfer Partners, LP plans to repay amounts outstanding under its existing revolving credit facilities with the proceeds from a new preferred unit offering, according to a 424B3 filing with the Securities and Exchange Commission.

As of Nov. 3, there was $170 million outstanding under subsidiary Sunoco Logistics Partners Operations LP’s revolving credit facility maturing in March 2020 and $2.6 billion outstanding under Energy Transfer, LP’s revolver maturing November 2019, including $2.3 billion of commercial paper.

On Wednesday, the company announced plans to issue new series A fixed- to floating-rate cumulative redeemable perpetual preferred units.

Proceeds will also be used for general partnership purposes.

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

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