Business: Energy Transfer L.P. formerly Crestwood Equity Partners LP, 9.25% Cumulative Preferred Units, not redeemable at the issuer's option at any time, and with no stated maturity. <p> Cumulative distributions of 9.25% per annum ($0.8444 per annum or $0.2111 per quarter) will be paid quarterly within 45 days after the end of each quarter to holders of record on the record date fixed by the board. (NOTE: the ex-dividend date is one business day prior to the record date). If the issuer fails to pay the Preferred Distribution in full in cash for any quarter after the Initial Distribution Period, then until such time as all accrued and unpaid preferred distributions are paid in full in cash the Distribution Amount will increase to $0.2567 per quarter and any accrued and unpaid distributions will increase at a rate of 2.8125% per quarter, with the amount of such unpaid distribution accruing and accumulating from the last day of the quarter for which such distribution is due until paid in full. Under certain circumstances the general parner or any of its affiliates may caused the preferred units to be redeemed (See prospectus for more details). <p> Upon the occurrence of a change of control resulting in the common units of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges and the consideration per common unit exceeds $10.00 the company may be required to redeem the preferred units at $9.218573 per preferred unit, plus accrued and unpaid distributions to the date of such redemption (see prospectus for more details). <p> The preferred shares are convertible any time at the holder's option into common units of <s>Crestwood Equity Partners LP, (NYSE: CEQP),</s> Energy Transfer LP, (NYSE: ET) at the then-applicable Conversion Ratio. If the price of the common units exceeds $13.69095 divided by the then applicable Conversion Ratio for 20 of any 30 consecutive trading days, the general partner may, at their option, cause the preferred units to be converted into common units at the then prevailing conversion price (see prospectus for more details). <p> In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.