Energy Transfer Partners, L.P. Announces Pricing of Series D Preferred Unit Offering

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:

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180716005911/en/

News by QuoteMedia

www.quotemedia.com