Energy Transfer LP prices $2B junior subordinated notes at 6.5% and 6.75%.

Energy Transfer LP has priced a $2.0 billion offering of junior subordinated notes due 2056. The offering consists of $1.2 billion Series 2025A notes and $800 million Series 2025B notes, each priced at 100% of face value. The Series 2025A notes will bear an annual interest rate of 6.5%, while the Series 2025B notes will bear an annual interest rate of 6.75%. The sale is expected to settle on August 25, 2025.

Energy Transfer LP (NYSE: ET) has priced a $2 billion offering of junior subordinated notes due in 2056. The offering comprises $1.2 billion in Series 2025A notes and $800 million in Series 2025B notes, each priced at 100% of their face value. The Series 2025A notes will bear an annual interest rate of 6.5%, while the Series 2025B notes will bear an annual interest rate of 6.75%. The sale is expected to settle on August 25, 2025, subject to customary closing conditions [1].

The proceeds from this offering, estimated at approximately $1.98 billion before offering expenses, will be used to repay borrowings under Energy Transfer's revolving credit facility and for general partnership purposes [2]. The junior subordinated notes are being managed by J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC [3].

Energy Transfer LP, a major player in U.S. energy infrastructure, owns and operates approximately 140,000 miles of pipeline and associated energy infrastructure, spanning 44 states and key production basins [2]. The company also holds significant interests in Sunoco LP (NYSE: SUN) and USA Compression Partners, LP (NYSE: USAC) [3].

References:
[1] https://www.lw.com/en/news/2025/08/latham-watkins-advises-energy-transfer-lp-in-offering-of-us2-billion-junior-subordinated-notes
[2] https://finance.yahoo.com/news/energy-transfer-lp-announces-pricing-223000541.html
[3] https://www.gurufocus.com/news/3054264/energy-transfer-lp-announces-pricing-of-20-billion-of-junior-subordinated-notes-et-stock-news