Energy Transfer to pay down revolver debt via perpetual preferreds

By Susanna Moon

Chicago, July 16 – Energy Transfer Partners, LP plans to repay debt under its revolving credit facility due December 2022 using proceeds of new series D fixed- to floating-rate cumulative redeemable perpetual preferred units, according to a 424B3 filing with the Securities and Exchange Commission.

As of June 30, there was $1.2 billion of revolver debt at a weighted average interest rate of 2.87%, all of which was commercial paper, and no outstanding debt under its 364-day facility due November 2018.

Proceeds will also be used for general partnership purposes.

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

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