Morning Commentary: Preferreds soften; Energy Transfer Partners eyes perpetual units

By Cristal Cody

Tupelo, Miss., April 17 – Energy Transfer Operating, LP announced plans on Wednesday to price new perpetual preferred units.

The company is marketing $25-par series E fixed-to-floating rate cumulative redeemable perpetual preferred units registered with the Securities and Exchange Commission.

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.

Preferred stocks softened at the start of Wednesday’s session, while equities on average were improving, market sources said.

The Wells Fargo Hybrid and Preferred Securities index declined 0.01%. The index closed down 0.40% on Wednesday and off 0.22% on Tuesday.

The U.S. iShares Preferred Stock ETF was down 0.07% at mid-morning.

© 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.