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Get filing alertsEnergy Transfer completes $1.75B junior subordinated notes offering due 2057
Filed July 21, 2026 · Period ending July 20, 2026 · ~1 min read
Key Changes
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high
Issued $1.75B in junior subordinated notes split into two series: $650M Series 2026A and $1.1B Series 2026B, both maturing in 2057. Notes issued under existing indenture with U.S. Bank Trust Company.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Filing reports creation of direct financial obligation through incorporation by reference to the notes offering terms.
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR → -
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Offering registered under shelf registration statement effective June 2024, marketed through prospectus supplement dated July 6, 2026.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Energy Transfer LP raised $1.75 billion through an underwritten public offering of junior subordinated notes due 2057. The offering comprises two series: $650 million Series 2026A and $1.1 billion Series 2026B, both issued under the company's existing indenture framework with U.S. Bank Trust Company via supplemental indentures dated July 20, 2026.
For unitholders, this represents a significant capital raise through long-dated subordinated debt. The 31-year maturity and junior subordination position these notes below senior debt in the capital structure, providing the company with patient capital while preserving financial flexibility.
The filing does not disclose interest rates, covenants, or use of proceeds, limiting assessment of the financing's cost and strategic purpose. The offering was executed under a shelf registration from June 2024, indicating the company maintained market access for opportunistic capital raising.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 — Creation of a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The information set forth under “Item 1.01. Entry into a Material Definitive Agreement” is incorporated herein by reference.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 22, 2026 · How we verify