Energy Transfer plans $1,000-par fixed-rate reset cumulative preferreds in two series

By James McCandless

San Antonio, Jan. 7 – Energy Transfer Operating, LP plans to price an offering of $1,000-par series F and series G fixed-rate reset cumulative redeemable perpetual preferred units, according to a 424B3 filing with the Securities and Exchange Commission.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., MUFG, Natixis Securities Americas LLC and TD Securities (USA) LLC are the joint bookrunners.

Both of the preferreds are redeemable on the first call date and every five years thereafter at par. Prior to that, the preferreds are redeemable 120 days after a ratings event at 102.

Energy Transfer plans to use the proceeds to repay certain outstanding debt, including prepayment of certain senior debt, and for general partnership purposes.

The company does not plan to list either series on any securities exchange.

Energy Transfer is a Dallas-based oil and gas pipeline company.

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