Energy Transfer Partners, L.P. (NYSE: ETP) today
announced it has priced an underwritten public offering of 950,000
of its 6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable
Perpetual Preferred Units (the “Series A Preferred Units”) at a
price of $1,000 per unit, and 550,000 of its 6.625% Series B
Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Units (the “Series B Preferred Units,” and together with the Series
A Preferred Units, the “Preferred Units”) at a price of $1,000 per
unit.
Distributions on the Series A Preferred Units will accrue and be
cumulative from and including the date of original issue to, but
excluding, February 15, 2023, at a rate of 6.250% per annum of the
stated liquidation preference of $1,000. On and after February 15,
2023, distributions on the Series A Preferred Units will accumulate
at a percentage of the $1,000 liquidation preference equal to an
annual floating rate of the three-month LIBOR, determined
quarterly, plus a spread of 4.028% per annum. The Series A
Preferred Units are redeemable at ETP’s option on or after February
15, 2023 at a redemption price of $1,000 per Series A Preferred
Unit, plus an amount equal to all accumulated and unpaid
distributions thereon to, but excluding, the date of
redemption.
Distributions on the Series B Preferred Units will accrue and be
cumulative from and including the date of original issue to, but
excluding, February 15, 2028, at a rate of 6.625% per annum of the
stated liquidation preference of $1,000. On and after February 15,
2028, distributions on the Series B Preferred Units will accumulate
at a percentage of the $1,000 liquidation preference equal to an
annual floating rate of the three-month LIBOR, determined
quarterly, plus a spread of 4.155% per annum. The Series B
Preferred Units are redeemable at ETP’s option on or after February
15, 2028 at a redemption price of $1,000 per Series B Preferred
Unit, plus an amount equal to all accumulated and unpaid
distributions thereon to, but excluding, the date of
redemption.
The offering of the Preferred Units is expected to close on or
about November 16, 2017, subject to the satisfaction of customary
closing conditions.
ETP expects to receive aggregate net proceeds from the sale of
the Preferred Units of approximately $1.48 billion after deducting
underwriting discounts and estimated offering expenses. ETP intends
to use the net proceeds from the offering to repay amounts
outstanding under its existing revolving credit facilities and for
general partnership purposes.
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Goldman Sachs & Co. LLC, MUFG Securities
Americas Inc. and TD Securities (USA) LLC are acting as
underwriters of the offering. When available, copies of the
prospectus supplement and prospectus relating to the offering may
be obtained by sending a request to:
J.P. Morgan Securities LLC Attention: Investment Grade Syndicate
Desk 383 Madison Avenue New York, New York 10179 Telephone:
212-834-4533 Merrill Lynch, Pierce, Fenner & Smith
Incorporated 200 North College Street NC1-004-03-43 Charlotte,
North Carolina 28255-001 Attention: Prospectus Department
Telephone: 1-800-294-1322
Email: dg.prospectus_requests@baml.com
Goldman Sachs & Co. LLC Attention: Prospectus Department
200 West Street New York, New York 10282-2198 Telephone:
1-866-471-2526 Facsimile: 212-902-9316
Email:
prospectusgroup-ny@ny.email.gs.com
MUFG Securities Americas Inc. 1221 Avenue of the Americas,
6th Floor New York, NY 10020 Attention: Capital Markets Group
Phone: 1-877-649-6848 TD Securities (USA) LLC Attention:
Debt Capital Markets Syndicate Desk 31 West 52nd Street, 2nd Floor
New York, NY 10019 Tel: 1-855-495-9846
You may also obtain these documents for free when they are
available by visiting EDGAR on the Securities and Exchange
Commission, or SEC, web site at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement
meeting the requirements of Section 10 of the Securities Act
of 1933, as amended. The offering will be made pursuant to an
effective shelf registration statement and prospectus previously
filed by ETP with the SEC.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership that owns and operates one of the largest and
most diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production
basins, ETP owns and operates a geographically diverse portfolio of
complementary natural gas midstream, intrastate and interstate
transportation and storage assets; crude oil, natural gas liquids
(NGL) and refined product transportation and terminalling assets;
NGL fractionation assets; and various acquisition and marketing
assets. ETP’s general partner is owned by Energy Transfer Equity,
L.P. (NYSE: ETE).
Statements about the offering may be forward-looking statements
as defined under federal law. Forward-looking statements can be
identified by words such as “will,” “intends,” “anticipates,”
“believes,” “expects,” “estimates,” “forecasts,” “projects,”
“should” and other similar expressions. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside the control of ETP, and a variety of risks that
could cause results to differ materially from those expected by
management of ETP. Important information about issues that could
cause actual results to differ materially from those expected by
management of ETP can be found in ETP’s public periodic filings
with the SEC, including its Annual Report on Form 10-K. ETP
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171113006478/en/
Energy Transfer Partners, L.P.Investor Relations:Lyndsay Hannah,
214-981-0795orBrent Ratliff, 214-981-0795orHelen Ryoo,
214-981-0795orMedia Relations:Vicki Granado, 214-840-5820orLisa
Dillinger, 214-840-5820
Energy Transfer Equity (NYSE:ETE)
Historical Stock Chart
From Apr 2024 to May 2024
Energy Transfer Equity (NYSE:ETE)
Historical Stock Chart
From May 2023 to May 2024