Hunton Andrews Kurth Represents Underwriters in Energy Transfer Operating, L.P.’s Concurrent Offerings of $1.6 Billion of Preferred Units and $4.5 Billion of Senior Notes

Hunton Andrews Kurth LLP recently represented the underwriters in connection with two concurrent public offerings by Energy Transfer Operating, L.P. (ETO). The first offering of $1.6 billion of preferred units was comprised of 500,000 of ETO’s 6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units, liquidation preference $1,000 per unit, and 1,100,000 of ETO’s 7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units, liquidation preference $1,000 per unit. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Natixis Securities Americas LLC and TD Securities (USA) LLC acted as representatives of the underwriters for the preferred units offering.

The second offering of $4.5 billion of ETO senior notes was comprised of $1.0 billion aggregate principal amount of 2.900% senior notes due 2025, $1.5 billion aggregate principal amount of 3.750% senior notes due 2030, and $2.0 billion aggregate principal amount of 5.000% senior notes due 2050. The notes of each series are initially fully and unconditionally guaranteed by ETO’s subsidiary, Sunoco Logistics Partners Operations L.P. (Sunoco Logistics), on a senior unsecured basis so long as Sunoco Logistics guarantees any of ETO’s other long-term debt. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Natixis Securities Americas LLC and TD Securities (USA) LLC acted as representatives of the underwriters for the senior notes offering.

Both offerings priced on January 7, 2020 and closed on January 22, 2020.

The Hunton Andrews Kurth team was led by Houston partner Jordan Hirsch, and included Houston corporate partner Mike O’Leary and Houston associates Chris Adcock, Erin Juvenal, Michael Wright, Hannah Fred and Casey Shaw.

Other attorneys included partner Rob Taylor on opinions, partner Shemin Proctor on regulatory matters, partner Lisa Shelton on environmental matters, partner Robert McNamara and associate Tim Strother on tax matters and partner O’Banion Williams on real property matters.