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Energy Transfer LP, 7.375% Series C Fixed/Float Cumul Red Prfd Units
Ticker Symbol: ET-C* CUSIP: 29273V407 Previous CUSIP: 29278N301 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/09/2024
Security has been Called for: Friday, February 9, 2024
January 10, 2024 -- Energy Transfer issued a notice to redeem all of its outstanding (i) Series C preferred units at a redemption price per unit of $25.607454, which is equal to $25.00 per unit plus unpaid distributions to, but excluding, February 9, 2024 (the “Redemption Date”), and (ii) Series D preferred units at a redemption price per unit of $25.619877, which is equal to $25.00 per unit plus unpaid distributions to, but excluding, the Redemption Date.
The cash distribution for the Series E and Series I unitholders will be paid on February 15, 2024 to Series E and Series I unitholders of record as of the close of business on February 1, 2024. Notice of redemption with respect to the Series E preferred units will be issued at a later date and such units will be redeemed once redeemable on May 15, 2024. April 1, 2021 -- Energy Transfer LP, a Delaware limited partnership (“ET”), together with its subsidiaries Energy Transfer Operating, L.P., a Delaware limited partnership (“ETO”), Sunoco Logistics Partners Operations L.P., a Delaware limited partnership (“SXL”), and Sunoco Logistics Partners GP LLC, a Delaware limited liability company (“SXL GP”), consummated several internal reorganization transactions, including:
completing the merger (the “Equity Rollup Merger”) of ETO Merger Sub LLC, a Delaware limited liability company and a wholly owned direct subsidiary of ET (“Merger Sub”), with and into ETO, with ETO surviving, pursuant to the previously announced and filed Agreement and Plan of Merger, dated as of March 5, 2021, by and among ET, ETO and Merger Sub, and in connection therewith issuing new preferred units representing limited partner interests in ET with substantially equivalent preferences, rights, powers, duties and obligations as the previously outstanding preferred units in ETO prior to the Equity Rollup Merger; and
causing SXL and SXL GP to merge with and into ETO, with ETO surviving, and immediately thereafter, causing ETO to merge with and into ET, with ET surviving (together, the “Debt Rollup Mergers”), in each case pursuant to agreements and plans of merger entered into as of April 1, 2021. Oct. 19, 2018-- Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”) today announced the completion of their previously announced merger of ETE with ETP. At the effective time of the merger, each ETP common unit converted into the right to receive 1.28 ETE common units. Based on the ETP units outstanding, ETE issued approximately 1.46 billion ETE common units to ETP unitholders. As part of the merger, ETE changed its name to “Energy Transfer LP” and its common units will begin trading on the New York Stock Exchange (“NYSE”) under the “ET” ticker symbol at the opening of the market today. In addition, ETP changed its name to “Energy Transfer Operating, L.P.” and its common units ceased trading on the NYSE effective with the opening of the market today. ETP’s Series C preferred units and Series D preferred units will continue to be listed on the NYSE under the symbols “ETPprC” and “ETPprD”, respectively.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Energy Transfer LP formerly, Energy Transfer Operating, L.P. formerly Energy Transfer Partners, L.P., 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 5/15/2023 at $25 per unit plus accrued and unpaid distributions, and with no stated maturity. Cumulative distributions of 7.375% per annum ($1.84375 per annum or $0.4609375 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date that will be the first Business Day of the month of the Payment Date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 5/15/2023, distributions on the Units will accumulate for each distribution period at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month LIBOR plus a spread of 4.530% per annum. Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page 63 of the prospectus for details). Upon a Rating Event, the issuer may redeem the Units, at a price of $25.50 per Unit plus an amount equal to all accumulated and unpaid distributions. This security was rated as Ba2 by Moody’s and BB by S&P at the date of its IPO. In regard to the payment of distributions and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (ET)
IPO - 4/18/2018 - 18.00 Million Units @ $25.00 /unit.
Link to IPO Prospectus
Previous Ticker Symbol: ETP-C Changed: 4/05/2021
Previous Name: Energy Transfer Operating L.P., Changed: 4/02/2021
Market Value $ Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 8111 Westchester Drive, Suite 600, Dallas, TX 75225 |
Main Phone Number |
214-981-0700 |
Fax Number |
214-981-0703 |
Investor Relations
Lyndsay Hannah
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214-981-0795
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Toll Free Phone Number |
Unknown |
CEO - Kelcy L. Warren |
CEO - Mackie McCrea |
CFO - Dylan Bramhall |
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