ET Debt offering

Energy Transfer LP Announces Pricing of $2.0 Billion of Junior Subordinated Notes

Published August 11, 2025 at 10:30 PM

DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced the pricing of its offering of $1,200,000,000 aggregate principal amount of Series 2025A junior subordinated notes due 2056 (the “Series 2025A notes”) and $800,000,000 aggregate principal amount of Series 2025B junior subordinated notes due 2056 (the “Series 2025B notes,” and together with the Series 2025A notes, the “junior subordinated notes”) each at prices to the public of 100.000% of their face value. Initially, the Ser

Related Questions

How will the issuance of $2.0 billion in junior subordinated notes affect Energy Transfer’s leverage ratios and credit metrics? What impact will the $2 billion debt issuance have on ET’s share price and short‑term volatility? How does the pricing at 100% of face value compare to recent senior and junior debt offerings in the midstream sector? What are the covenant structures and covenants (e.g., interest coverage, debt‑to‑EBITDA) attached to the Series 2025A and 2025B notes? What is the maturity profile (2056) and call/put features of the junior subordinated notes? How will the proceeds from the $2 billion note issuance be allocated (e.g., debt refinancing, cap‑ex, dividend, share repurchase, acquisitions)? What are the coupon rates and yield-to-maturity on the 2025A and 2025B notes relative to market benchmarks? How will this issuance impact Energy Transfer’s credit rating outlook from S&P, Moody’s, and Fitch? What are the potential dilution or equity‑conversion features (if any) that could affect existing shareholders? How does this issuance compare to recent debt offerings by peer mid‑stream companies (e.g., Kinder Morgan, Williams, Enbridge) in terms of size, pricing, and maturity? What are the market’s expectations for future interest‑rate movements and how might they affect the cost of capital for ET? What are the tax and accounting implications of issuing junior subordinated notes for Energy Transfer’s balance sheet?