Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when ET files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsEnergy Transfer prices $1.75B subordinated notes to redeem preferred units, refinance debt
Filed July 8, 2026 · Period ending July 6, 2026 · ~1 min read
Key Changes
-
high
Issued $1.75B in junior subordinated notes due 2057 in two series: $650M at 6.550% and $1.1B at 6.700%, both priced at par with settlement expected July 20, 2026.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Will use $1.73B net proceeds to redeem all outstanding Series H Preferred Units (6.500% rate, redeemable starting August 15, 2026), repay commercial paper and revolving credit borrowings, and for general partnership purposes.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Underwriters' affiliates are lenders under the revolving credit facility, may hold Series H Preferred Units being redeemed, and participate in the commercial paper program, creating potential conflicts as they may receive offering proceeds.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Energy Transfer LP priced a $1.75 billion offering of 31-year junior subordinated notes to refinance its capital structure. The company is issuing two series of notes—$650 million at 6.550% and $1.1 billion at 6.700%—both maturing in 2057 and priced at par. The offering is expected to close July 20, 2026, generating approximately $1.73 billion in net proceeds.
The proceeds will redeem all outstanding Series H Preferred Units, which carry a 6.500% rate and become redeemable starting August 15, 2026. The company will also repay commercial paper and revolving credit facility borrowings. This represents a capital structure optimization: replacing preferred equity and short-term debt with long-term subordinated notes at rates modestly above the preferred units being retired. The underwriters have financial relationships with Energy Transfer that create potential conflicts, as their affiliates are lenders and may hold the securities being refinanced, meaning they could receive proceeds from the offering.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
The sale of the junior subordinated notes is expected to settle on July 20, 2026, subject to the satisfaction of customary closing conditions.
The offering is expected to close on July 20, 2026, subject to customary conditions. This provides the timeline for when the company will receive proceeds and execute its refinancing plan.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 10, 2026 · How we verify