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Energy Transfer secures tenders for 97% of $4.34B notes offered for exchange


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Energy Transfer secures tenders for 97% of $4.34B notes offered for exchange

Energy Transfer Operating LP said roughly $4.21 billion of certain senior notes issued by Energy Transfer LP have been tendered to be exchanged for new Energy Transfer Operating notes, as of the offer's expiration date of March 22.

The operating partnership received valid tenders of about $1.13 billion of 7.500% notes due 2020, $993.2 million of 4.250% notes due 2023, $1.13 billion of 5.875% notes due 2024, and $956.0 million of 5.500% notes due 2027. The total amount of validly tendered notes represent about 97% of the total amount Energy Transfer Operating offered up for exchange, according to a March 25 news release.

Energy Transfer Operating expects the final settlement of the exchange offer to occur on March 25.

Citigroup, J.P. Morgan Securities LLC and TD Securities (USA) LLC acted as dealer managers for the offer.

Energy Transfer Operating controls crude oil, natural gas, NGL and refined product midstream assets across the major U.S. production basins. Its general partner is owned by Energy Transfer.