Energy Transfer Partners, L.P. Announces Pricing of Series C Preferred Unit Offering
April 18 2018 - 8:37PM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) today
announced it has priced an underwritten public offering of
18,000,000 of its 7.375% Series C Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (the “Series C Preferred
Units”) at a price of $25.00 per unit, resulting in total proceeds
of $450 million. The underwriters have a 30-day option to purchase
up to 2,700,000 additional Series C Preferred Units.
Distributions on the Series C Preferred Units will accrue and be
cumulative from and including the date of original issue to, but
excluding, May 15, 2023, at a rate of 7.375% per annum of the
stated liquidation preference of $25.00. On and after May 15, 2023,
distributions on the Series C Preferred Units will accumulate at a
percentage of the $25.00 liquidation preference equal to an annual
floating rate of the three-month LIBOR, determined quarterly, plus
a spread of 4.530% per annum. The Series C Preferred Units are
redeemable at ETP’s option on or after May 15, 2023 at a redemption
price of $25.00 per Series C 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 C Preferred Units is expected to
close on or about April 25, 2018, subject to the satisfaction of
customary closing conditions.
ETP intends to use the net proceeds from the offering to repay
amounts outstanding under its revolving credit facility and for
general partnership purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo
Securities, 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:
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
Morgan Stanley & Co. LLCAttention: Prospectus Department180
Varick Street, 2nd FloorNew York, New York 10014Telephone:
1-866-718-1649Email: prospectus@morganstanley.com
RBC Capital Markets, LLCAttention: DCM Transaction Management200
Vesey StreetNew York, New York 10281Telephone: 1-866-375-6829
Wells Fargo Securities, LLC608 2nd Avenue South, Suite
1000Minneapolis, MN 55402Attention: WFS Customer ServiceTelephone:
1-800-645-3751Email: wfscustomerservice@wellsfargo.com
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180418006659/en/
Energy Transfer Partners, L.P.Investor Relations:Lyndsay Hannah,
214-981-0795orBrent Ratliff, 214-981-0795orHelen Ryoo,
214-981-0795orMedia Relations:Vicki Granado, 214-840-5820
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