Energy Transfer LP Reports Material Definitive Agreement

TL;DR

**ET just signed a big deal, but they're not telling us what it is yet.**

AI Summary

Energy Transfer LP filed an 8-K on January 11, 2024, reporting an "Entry into a Material Definitive Agreement" and "Other Events" that occurred on January 10, 2024. While the filing indicates a significant agreement, it does not provide specific details about the nature of the agreement or any associated dollar amounts. This lack of detail means investors are currently in the dark about the specifics of this potentially important development, making it difficult to assess its impact on the company's future performance or stock value.

Why It Matters

This filing signals a new, important agreement for Energy Transfer LP, but without details, investors can't evaluate its potential to boost or harm the company's financial health and stock price.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement without providing details, creating uncertainty about its potential impact on the company.

Analyst Insight

Investors should monitor future filings or press releases from Energy Transfer LP for specific details regarding the "Material Definitive Agreement" to understand its potential impact on the company's operations and financials.

Key Players & Entities

• Energy Transfer LP (company) — the registrant filing the 8-K
• January 10, 2024 (date) — date of the earliest event reported
• January 11, 2024 (date) — date the 8-K was filed

FAQ

Key Financial Figures

• $1.25 billion — Notes Offering") by the Partnership of $1.25 billion aggregate principal amount of its 5.550
• $1.75 billion — r Notes due 2034 (the "2034 Notes") and $1.75 billion aggregate principal amount of its 5.950
• $800 million — the "Offerings") by the Partnership of $800 million aggregate principal amount of its 8.000
• $25 — its") at a redemption price per unit of $25.607454, which is equal to $25.00 per un
• $25.00 — r unit of $25.607454, which is equal to $25.00 per unit plus unpaid distributions to,

Filing Documents

• d714749d8k.htm (8-K) — 40KB
• d714749dex11.htm (EX-1.1) — 236KB
• d714749dex12.htm (EX-1.2) — 238KB
• d714749dex991.htm (EX-99.1) — 15KB
• g714749g0111105034515.jpg (GRAPHIC) — 4KB
• 0001193125-24-006631.txt ( ) — 825KB
• et-20240110.xsd (EX-101.SCH) — 4KB
• et-20240110_def.xml (EX-101.DEF) — 15KB
• et-20240110_lab.xml (EX-101.LAB) — 24KB
• et-20240110_pre.xml (EX-101.PRE) — 16KB
• d714749d8k_htm.xml (XML) — 9KB

01

Item 1.01. Entry into a Material Definitive Agreement. On January 10, 2024, Energy Transfer LP (the "Partnership") entered into (i) an underwriting agreement (the "Senior Notes Underwriting Agreement") with Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC, as joint book-running managers and representatives of the several underwriters named therein (collectively, the "Senior Notes Underwriters"), with respect to the public offering (the "Senior Notes Offering") by the Partnership of $1.25 billion aggregate principal amount of its 5.550% Senior Notes due 2034 (the "2034 Notes") and $1.75 billion aggregate principal amount of its 5.950% Senior Notes due 2054 (the "2054 Notes" and, together with the 2034 notes, the "Senior Notes"), and (ii) an underwriting agreement (together with the Senior Notes Underwriting Agreement, the "Underwriting Agreements") with Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC, as joint book-running managers and representatives of the several underwriters named therein (together with the Senior Notes Underwriters, the "Underwriters"), with respect to the public offering (the "Junior Notes Offering" and, together with the Senior Notes Offering, the "Offerings") by the Partnership of $800 million aggregate principal amount of its 8.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 (the "Junior Subordinated Notes" and, together with the Senior Notes, the "Notes"). The Offerings were registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to a Registration Statement on Form S-3 (File No. 333-256668) of the Partnership, which became effective on June 1, 2021, as supplemented by the Prospectus Supplement dated January 10, 2024 relating to the Senior Notes Offering and the Prospectus Supple

01

Item 8.01. Other Events. On January 10, 2024, the Partnership issued a press release relating to the pricing of the Offerings contemplated by the Underwriting Agreements. Following the pricing of the Offerings, the Partnership issued a notice to redeem all of its outstanding (i) Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("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 Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("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. Notice of redemption with respect to the Partnership's Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Series E preferred units") will be issued at a later date and such units will be redeemed once redeemable on May 15, 2024. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 8.01 by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of the Exhibit 1.1 Underwriting Agreement, dated as of January 10, 2024 among Energy Transfer LP, as issuer, and Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC, as representatives of the several underwriters named therein, with respect to the Senior Notes. 1.2 Underwriting Agreement, dated as of January 10, 2024 among Energy Transfer LP, as issuer, and Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC, as representatives of the several underwriters named therein, with respect to the Junior Subordinated Notes. 99.1 Energy Transfer LP Press Release, dated as of January 10, 2024, announcing the pricing of the Notes. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ENERGY TRANSFER LP By: LE GP, LLC, its general partner Date: January 11, 2024 /s/ Dylan A. Bramhall Dylan A. Bramhall Executive Vice President and Group Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR