Energy Transfer offers fixed-to-floating perpetual preferred units

By Cristal Cody

Tupelo, Miss., April 17 – Energy Transfer Operating, LP plans to price $25-par series E fixed-to-floating rate cumulative redeemable perpetual preferred units, according to a 424B3 filing with the Securities and Exchange Commission on Wednesday.

The units will reset to a floating rate on and after May 15, 2024.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the bookrunners.

The preferreds are redeemable on or after May 15, 2024 at $25.00 per unit, plus accumulated and unpaid distributions.

The company plans to apply to list the units on the New York Stock Exchange under the symbol “ETPPrE.”

Proceeds will be used to purchase additional series E preferred units, to repay a portion of the borrowings under the company’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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