Energy Transfer Partners, L.P. Announces Pricing of Series D Preferred Unit Offering
July 16 2018 - 8:00PM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) today
announced it has priced an underwritten public offering of
16,000,000 of its 7.625% Series D Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (the “Series D Preferred
Units”) at a price of $25.00 per unit, resulting in total proceeds
of $400 million. The underwriters have a 30-day option to purchase
up to 2,400,000 additional Series D Preferred Units.
Distributions on the Series D Preferred Units will accrue and be
cumulative from and including the date of original issue to, but
excluding, August 15, 2023, at a rate of 7.625% per annum of the
stated liquidation preference of $25.00. On and after August 15,
2023, distributions on the Series D 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 4.738% per annum. The Series D
Preferred Units are redeemable at ETP’s option on or after August
15, 2023 at a redemption price of $25.00 per Series D 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 D Preferred Units is expected to
close on or about July 23, 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.
J.P. Morgan Securities LLC, 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:
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
Morgan Stanley & Co. LLC Attention: Prospectus
Department 180 Varick Street, 2nd Floor New York, New York 10014
Telephone: 1-866-718-1649
Email: prospectus@morganstanley.com
RBC Capital Markets, LLC Attention: DCM Transaction
Management 200 Vesey Street New York, New York 10281 Telephone:
1-866-375-6829 Wells Fargo Securities, LLC 608 2nd Avenue
South, Suite 1000 Minneapolis, MN 55402 Attention: WFS Customer
Service Telephone: 1-800-645-3751
Email:
wfscustomerservice@wellsfargo.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 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 “may,” “will,” “intends,”
“anticipates,” “believes,” “expects,” “continues,” “estimates,”
“goals,” “forecasts,” “projects,” “plans,” “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 and subsequent Quarterly Reports on
Form 10-Q. 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/20180716005911/en/
Energy Transfer Partners, L.P.Investor Relations:Brent Ratliff
and Lyndsay Hannah, 214-981-0795orMedia Relations:Vicki Granado and
Lisa Dillinger, 214-840-5820
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