Energy Transfer Operating, L.P. Commences Exchange Offers for Senior Notes of Energy Transfer LP
Title of Series of Existing ET |
Aggregate |
Series of New ETO Notes |
Exchange |
Early Tender |
Total Exchange |
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7.500% Senior Notes due 2020 / 29273VAC4 | $1,187,032,000 | 7.500% Notes due 2020 | $970 | $30 | $1,000 | ||||||||||
4.250% Senior Notes due 2023 / 29273VAG5 | $1,000,000,000 | 4.250% Notes due 2023 | $970 | $30 | $1,000 | ||||||||||
5.875% Senior Notes due 2024 / 29273VAD2 / 29273VAE0 | $1,150,000,000 | 5.875% Notes due 2024 | $970 | $30 | $1,000 | ||||||||||
5.500% Senior Notes due 2027 / 29273VAF7 | $1,000,000,000 | 5.500% Notes due 2027 | $970 | $30 | $1,000 | ||||||||||
(1) For each $1,000 principal amount of Existing ET Notes accepted for exchange. | |||||||||||||||
(2) Includes Early Tender Premium (as defined herein). | |||||||||||||||
In connection with the Exchange Offers, ETO is also soliciting consents (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations” and, together with the Exchange Offers, the “Exchange Offers and Consent Solicitations”) from holders of the Existing ET Notes to amend (the “Proposed Amendments”) the indentures governing the Existing ET Notes (the “ET Indentures”), upon the terms and subject to the conditions set forth in the Prospectus (as defined below), to eliminate certain of the covenants, restrictive provisions and events of default included therein. If the Proposed Amendments are adopted, the Existing ET Notes will be governed by the ET Indentures, as amended by the Proposed Amendments, which will have less restrictive terms and afford reduced protections to the holders of those securities compared to those terms and protections currently in the ET Indentures or applicable to the New ETO Notes. In order for the Proposed Amendments to the ET Indentures to be adopted, holders of at least a majority of the aggregate principal amount of the Existing ET Notes outstanding must consent to them, and those consents must be received and not withdrawn prior to the Expiration Deadline (as defined below).
In exchange for each
Each series of New ETO Notes will accrue interest from the most recent
date on which interest has been paid on the corresponding series of
Existing ET Notes accepted in the Exchange Offer and Consent
Solicitation for such series of New ETO Notes; provided, that interest
will accrue only with respect to the aggregate principal amount of New
ETO Notes a holder receives, which will be less than the principal
amount of Existing ET Notes tendered for exchange if such holder tenders
its Existing ET Notes after the Early Tender Deadline. If, pursuant to
the Exchange Offers, a tendering holder of Existing ET Notes would
otherwise be entitled to receive a principal amount of any series of New
ETO Notes that is not equal to
Each Exchange Offer and Consent Solicitation is subject to a number of conditions, including the effectiveness of the Registration Statement, the valid receipt of the requisite consents and the completion of each of the other Exchange Offers and Consent Solicitations, unless otherwise waived by ETO.
The Dealer Managers for the Exchange Offers and the Solicitation Agents for the Consent Solicitations are:
Citigroup | J.P. Morgan | TD Securities | ||||||
388 Greenwich Street, 7th Floor |
J.P. Morgan Securities LLC |
TD Securities (USA) LLC |
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New York, New York 10013 |
383 Madison Avenue |
31 West 52nd Street |
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Attn: Liability Management Group |
New York, New York 10179 |
New York, New York 10019 |
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Collect: (212) 723-6106 |
Attention: Liability Management Group |
Attn: Liability Management Group |
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Toll-Free: (800) 558-3745 |
Collect: (212) 834-3424 |
Toll-Free: (855) 495-9846 |
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Toll-Free: (866) 834-4666 |
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The Information Agent and Exchange Agent for the Exchange Offers and Consent Solicitations is:
Global Bondholder Services Corporation |
65 Broadway, Suite 404 |
New York, New York 10006 |
Banks and Brokers Call Collect: (212) 430-3774 |
All Others Call Toll-Free: (866) 924-2200 |
The Exchange Offers and Consent Solicitations are being made upon the
terms and subject to the conditions set forth in ETO’s preliminary
prospectus, dated as of
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, any of the securities described herein
and is also not a solicitation of the related consents. The Exchange
Offers may be made only pursuant to the terms of the Prospectus and the
other related materials. A Registration Statement relating to the New
ETO Notes has been filed with the
Forward-Looking Statements
Statements about the Exchange Offers and Consent Solicitations may be
forward-looking statements. 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 ETO, and a variety of risks that could cause
results to differ materially from those expected by management of ETO.
Important information about issues that could cause actual results to
differ materially from those expected by management of ETO can be found
in ETO’s public periodic filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20190225006058/en/
Source:
Energy Transfer Operating, L.P.
Investor Relations:
William
Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
or
Media
Relations:
Vicki Granado and Lisa Dillinger, 214-840-5820