Jul. 7 at 2:29 PM
$ET Energy Transfer LP (ET), on Tuesday priced a
$1.75 billion offering of junior subordinated notes.
The offering comprises
$650 million of 6.550% Series 2026A notes due 2057 and
$1.1 billion of 6.700% Series 2026B notes due 2057, with both tranches priced at 100% of face value.
The offering is expected to close on July 20.
The company expects to receive approximately
$1.7325 billion in net proceeds, before offering expenses.
The partnership plans to use the proceeds to redeem all outstanding 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units, refinance existing debt, including commercial paper and borrowings under its revolving credit facility, and for general partnership purposes.
The company said that the Series H preferred units are redeemable beginning August 15, with a formal redemption notice to be issued separately.
