Exhibit 99.1
Energy Transfer Operating, L.P. Announces Pricing of $4.0 Billion of Senior Notes
DALLAS—January 8, 2019—Energy Transfer Operating, L.P. (formerly, Energy Transfer Partners, L.P., and a subsidiary of Energy Transfer LP) (“ETO”) today announced the pricing of its $750 millionaggregate principal amount of 4.500% senior notes due 2024, $1.5 billionaggregate principal amount of 5.250% senior notes due 2029 and $1.75 billionaggregate principal amount of 6.250% senior notes due 2049 at a price to the public of 99.646%, 99.789% and 99.850%, respectively, of their face value.
The sale of the senior notes is expected to settle on January 15, 2019, subject to the satisfaction of customary closing conditions. ETO intends to use the net proceeds of approximately $3.96 billionfrom this offering (i) to make an intercompany loan to Energy Transfer LP (formerly, Energy Transfer Equity, L.P.) (NYSE: ET), which will use the proceeds therefrom to repay in full its $1.22 billion term loan due February 2, 2024, (ii) to repay in full its 9.70% senior notes due March 15, 2019, its 9.00% senior notes due April 15, 2019 and its subsidiary’s 8.125% senior notes due June 1, 2019, (iii) to repay a portion of the borrowings under its revolving credit facility and (iv) for general partnership purposes.
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for the offering.
The offering of the senior notes is being made pursuant to an effective shelf registration statement and prospectus filed by ETO with the Securities and Exchange Commission (“SEC”). The offering of the senior notes may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended, copies of which may be obtained from the following addresses:
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Deutsche Bank Securities Inc. 60 Wall Street New York, NY 10005-2836 Attention: Prospectus Group Phone:1-800-503-4611 E-mail: prospectus.cpdg@db.com | | RBC Capital Markets, LLC 200 Vesey Street New York, New York 10281 Attention: DCM Transaction Management Telephone: (866)375-6829 | | |
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Goldman Sachs & Co. LLC Attention: Prospectus Department 200 West Street New York, New York 10282-2198 Telephone:1-866-471-2526 Facsimile:212-902-9316 | | SunTrust Robinson Humphrey, Inc. 303 Peachtree Street Atlanta, Georgia 30308 Attention: Prospectus Department Phone:1-800-685-4786 | | |
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Merrill Lynch, Pierce, Fenner & Smith Incorporated 200 North College Street NC1-004-03-43 Charlotte, North Carolina28255-001 Attn: Prospectus Department Phone:1-800-294-1322 Email: dg.prospectus_requests@baml.com | | | | |
