Energy Transfer LP Files 8-K: Material Agreement

TL;DR

ET signed a big deal, filing 8-K today.

AI Summary

On June 6, 2024, Energy Transfer LP entered into a material definitive agreement related to its operations. The filing also includes other events and financial statements and exhibits.

Why It Matters

This filing indicates a significant new agreement for Energy Transfer LP, which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's financial health and stock performance.

Key Players & Entities

• Energy Transfer LP (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• Dallas, Texas (location) — Principal executive offices location

FAQ

Key Financial Figures

• $1.0 billion — Notes Offering") by the Partnership of $1.0 billion aggregate principal amount of its 5.250
• $1.25 billion — nior Notes due 2029 (the "2029 Notes"), $1.25 billion aggregate principal amount of its 5.600
• $400 million — the "Offerings") by the Partnership of $400 million aggregate principal amount of its 7.125
• $3.463 billion — o use the net proceeds of approximately $3.463 billion (before offering expenses) from the Sen
• $396 million — ses) from the Senior Notes Offering and $396 million (before offering expenses) from the Jun
• $1,000 — Preferred Units, liquidation preference $1,000 per unit, representing limited partner
• $1,009 — units at a redemption price per unit of $1,009.87899, which is equal to $1,000.00 per
• $1,000.00 — unit of $1,009.87899, which is equal to $1,000.00 per unit plus unpaid distributions to,

Filing Documents

• et-20240606.htm (8-K) — 36KB
• ex11-etunderwritingagreeme.htm (EX-1.1) — 361KB
• ex12-etunderwritingagreeme.htm (EX-1.2) — 345KB
• ex991-etxpricingpressrelea.htm (EX-99.1) — 18KB
• image_0a.jpg (GRAPHIC) — 21KB
• 0001276187-24-000052.txt ( ) — 1081KB
• et-20240606.xsd (EX-101.SCH) — 4KB
• et-20240606_def.xml (EX-101.DEF) — 17KB
• et-20240606_lab.xml (EX-101.LAB) — 29KB
• et-20240606_pre.xml (EX-101.PRE) — 17KB
• et-20240606_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On June 6, 2024, Energy Transfer LP (the "Partnership") entered into (i) an underwriting agreement (the "Senior Notes Underwriting Agreement") with Barclays Capital Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC and Wells Fargo Securities, 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 $1.0 billion aggregate principal amount of its 5.250% Senior Notes due 2029 (the "2029 Notes"), $1.25 billion aggregate principal amount of its 5.600% Senior Notes due 2034 (the "2034 Notes") and $1.25 billion aggregate principal amount of its 6.050% Senior Notes due 2054 (the "2054 Notes" and, together with the 2029 Notes and the 2034 notes, the "Senior Notes"), and (ii) an underwriting agreement (together with the Senior Notes Underwriting Agreement, the "Underwriting Agreements") with Barclays Capital Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC and Wells Fargo Securities, 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 $400 million aggregate principal amount of its 7.125% 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. 333-279982) of the Partnership, which became effective on June 5, 2024, as supplemented by the Prospectus Supplement dated June

01. Other Events

Item 8.01. Other Events. On June 6, 2024, the Partnership issued a press release relating to the pricing of the Offerings contemplated by the Underwriting Agreements. In connection with the pricing of the Offerings, the Partnership issued a notice to redeem all of its outstanding Series A preferred units at a redemption price per unit of $1,009.87899, which is equal to $1,000.00 per unit plus unpaid distributions to, but excluding, June 21, 2024, the date set for redemption. A copy of the 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.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of the Exhibit 1.1 Underwriting Agreement, dated as of June 6, 2024 among Energy Transfer LP, as issuer, and Barclays Capital Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, with respect to the Senior Notes. 1.2 Underwriting Agreement, dated as of June 6, 2024 among Energy Transfer LP, as issuer, and Barclays Capital Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC and Wells Fargo Securities, 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 June 6, 2024, announcing the pricing of the Notes. 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) SIGNATURE 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: June 10, 2024 By: /s/ Dylan A. Bramhall Dylan A. Bramhall Group Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR