Energy Transfer Partners LP (NYSE:ETP) has priced a public offering of 950,000 of its 6.25% Series “A” Preferred Units at a rate of $1,000 a unit, and 550,000 of its 6.625% Series “B” Preferred Units at a price of $1,000 a unit.
The details
Distributions on the Series “A” Preferred Units will add and be cumulative from and counting the date of original issue to, but discounting, February 15, 2023, at 6.250% per annum of the mentioned liquidation preference of $1,000. After and on February 15, 2023, Energy Transfer reported that distributions on the Series “A” Preferred Units will amass at a fraction of the $1,000 liquidation preference at par to a yearly floating rate of the 3-month LIBOR, decided quarterly, and a spread of 4.028% per year.
The Series “A” Preferred Units are redeemable at Energy Transfer Partners’ option after or on February 15, 2023 at a redemption rate of $1,000 per Series “A” Preferred Unit, and a sum equal to all unpaid and accumulated distributions thereon to, but discounting, the redemption date.
Distributions on the Series “B” Preferred Units will grow and be aggregate from and including the original issue date to, but discounting, February 15, 2028, at 6.625% per annum of the mentioned liquidation preference of $1,000.
After and on February 15, 2028, these distributions will accumulate at a fraction of the $1,000 liquidation preference at par to a yearly floating rate of the 3-month LIBOR, decided quarterly, and a spread of 4.155% an annum. The Series “B” Preferred Units can be redeemed at ETP’s discretion on or post February 15, 2028 at a price of $1,000 per Series “B” Preferred Unit, and an amount equal to all amassed and unpaid distributions thereon to, but discounting, the date of redemption.
In the last trading session, the stock price of Energy Transfer gained 0.87% to close the day at $17.42.
