Energy Transfer LP Announces Pricing of Series H Preferred Unit Offering
June 01 2021 - 8:15PM
Business Wire
Energy Transfer LP (“ET”) today announced it has priced
an underwritten public offering (the “offering”) of 900,000 of its
6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual
Preferred Units (the “Series H Preferred Units”) at a price of
$1,000.00 per unit, resulting in total proceeds of $900 million,
before deducting underwriting discounts and offering expenses
payable by ET.
Distributions on the Series H Preferred Units, which will be
paid semi-annually on May 15 and November 15 each year beginning
November 15, 2021, will accrue and be cumulative from and including
the date of original issue to, but excluding, November 15, 2026, at
a rate of 6.500% per annum of the stated liquidation preference of
$1,000.00. On and after November 15, 2026, distributions on the
Series H Preferred Units will accumulate at a percentage of the
$1,000.00 liquidation preference equal to an interest rate equal to
the Five-year U.S. Treasury Rate (as described in the prospectus
supplement relating to the offering), plus a spread of 5.694% per
annum. The Series H Preferred Units are redeemable, in whole or in
part, on one or more occasions, at ET’s option during any
Redemption Period (as described in the prospectus supplement
relating to the offering) at a redemption price of $1,000.00 per
Series H Preferred Unit, plus an amount equal to all accumulated
and unpaid distributions thereon to, but excluding, the date of
redemption.
The offering of the Series H Preferred Units is expected to
close on or about June 15, 2021, subject to the satisfaction of
customary closing conditions.
ET intends to use the net proceeds from the offering to repay
certain of its outstanding indebtedness and for general partnership
purposes.
J.P. Morgan, Mizuho Securities, PNC Capital Markets LLC and
Truist Securities are acting as joint book-running managers 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 383 Madison Avenue, 3rd Floor New
York, New York 10179 Attention: Investment Grade Syndicate Desk
Telephone: (212) 834-4533
Mizuho Securities USA LLC 1271 Avenue of the Americas New York,
New York 10020 Attention: Debt Capital Markets Telephone: (866)
271-7403
PNC Capital Markets LLC 300 Fifth Avenue, 10th Floor Pittsburgh,
Pennsylvania 15222 Attention: Debt Capital Markets Telephone: 1
(855) 881-0697 Email: secsett@pnc.com
Truist Securities, Inc. 303 Peachtree Street Atlanta, Georgia
30308 Attention: Prospectus Department Telephone: (800) 685-4786
Email: TSIdocs@Truist.com
You may also obtain these documents for free when they are
available by visiting EDGAR on the Securities and Exchange
Commission (the “SEC”) website 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 ET with the SEC.
Energy Transfer LP 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, its core operations include 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;
and various acquisition and marketing assets. Energy Transfer LP
also owns Lake Charles LNG Company, as well as limited partner
interests and the general partner interests of publicly traded
master limited partnerships Sunoco LP (NYSE: SUN) and USA
Compression Partners, LP (NYSE: USAC).
Statements about the offering may be forward-looking statements
as defined under federal law. Forward-looking statements can be
identified by words such as “anticipates,” “believes,” “intends,”
“projects,” “plans,” “expects,” “continues,” “estimates,” “goals,”
“forecasts,” “may,” “will” 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
ET, and a variety of risks that could cause results to differ
materially from those expected by management of ET. Important
information about issues that could cause actual results to differ
materially from those expected by management of ET can be found in
ET’s public periodic filings with the SEC, including its Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. ET
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: https://www.businesswire.com/news/home/20210601006115/en/
Energy Transfer LP Investor Relations: William Baerg,
Brent Ratliff, Lyndsay Hannah, 214-981-0795 or Media
Relations: Vicki Granado, 214-840-5820
Energy Transfer (NYSE:ET)
Historical Stock Chart
From Aug 2024 to Sep 2024
Energy Transfer (NYSE:ET)
Historical Stock Chart
From Sep 2023 to Sep 2024