Energy Transfer LP offers junior subordinated notes due 2057; size and pricing terms not disclosed

Filed July 6, 2026 · ~2 min read

Key Changes

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  Energy Transfer is offering two series of junior subordinated notes maturing January 15, 2057, but the aggregate principal amount, initial interest rates, and reset spreads are not disclosed in this preliminary 424B5.

  The Offering verify on EDGAR →
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  The company may defer interest payments for up to 10 years at its discretion, and may do so repeatedly. During deferral, interest compounds semi-annually but investors receive no cash. U.S. taxable holders must pay income tax on accrued interest even when unpaid.

  Risk Factors verify on EDGAR →
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  The notes rank junior to all existing and future senior debt. As of March 31, 2026, Energy Transfer's subsidiaries had approximately $18.0 billion of indebtedness that structurally ranks ahead of these notes; the parent's senior debt amount is not disclosed.

  The Offering verify on EDGAR →