# Energy Transfer LP (ET-PI) — capital_raise/public_offering [pending]
Source: SEC API (secapi.ai) · situation sit_13b86569b166322bd716 · retrieved 2026-08-11T15:48:43.963Z

## Overview
Energy Transfer LP is a natural gas transmission and energy infrastructure limited partnership that develops, owns, and operates midstream energy assets.

Energy Transfer LP completed an underwritten public offering on July 20, 2026, issuing $650,000,000 aggregate principal amount of Series 2026A Junior Subordinated Notes due 2057 and $1,100,000,000 aggregate principal amount of Series 2026B Junior Subordinated Notes due 2057, for a total of $1,750,000,000. The Series 2026A Notes bear interest at 6.550% per annum until January 15, 2032, then reset to the Five-year U.S. Treasury Rate plus 2.336 percentage points. The Series 2026B Notes bear interest at 6.700% per annum until January 15, 2037, then reset to the Five-year U.S. Treasury Rate plus 2.219 percentage points. Both series mature on January 15, 2057, and are subordinated in right of payment to all Senior Indebtedness. The Notes were issued under an Indenture dated December 14, 2022, as supplemented by the Eleventh and Twelfth Supplemental Indentures, each dated July 20, 2026.

## Terms
- Counterparty: Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc. · Deal value: $1.75B · Consideration: cash

## Key dates
- Announced 2026-07-08 · Expected close 2026-07-20

## Timeline
- 2026-07-08 · 8-K (0001193125-26-298149): 8-K - Energy Transfer LP — *Energy Transfer LP is a natural gas and crude oil pipeline company that operates interstate and intrastate natural gas pipelines, crude oil pipelines, NGL pipelines, and related midstream infrastructure assets.* Energy Transfer LP entered into an underwriting agreement on July 6, 2026 with five joint book-running managers (Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, and Truist Securities, Inc.) to issue $650 million aggregate principal amount of Series 2026A junior subordinated notes due 2057 bearing interest at 6.550% per annum and $1.1 billion aggregate principal amount of Series 2026B junior subordinated notes due 2057 bearing interest at 6.700% per annum. The offering is expected to close on July 20, 2026. Energy Transfer intends to use the net proceeds of approximately $1,732,500,000 (before offering expenses) to redeem all outstanding 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units, to refinance existing indebtedness including commercial paper and revolving credit facility borrowings, and for general partnership purposes.
  https://www.sec.gov/Archives/edgar/data/1276187/0001193125-26-298149.txt
- 2026-07-20 · 8-K (0001193125-26-309155): 8-K - Energy Transfer LP — *Energy Transfer LP is a natural gas transmission and energy infrastructure limited partnership that develops, owns, and operates midstream energy assets.* Energy Transfer LP completed an underwritten public offering on July 20, 2026, issuing $650,000,000 aggregate principal amount of Series 2026A Junior Subordinated Notes due 2057 and $1,100,000,000 aggregate principal amount of Series 2026B Junior Subordinated Notes due 2057, for a total of $1,750,000,000. The Series 2026A Notes bear interest at 6.550% per annum until January 15, 2032, then reset to the Five-year U.S. Treasury Rate plus 2.336 percentage points. The Series 2026B Notes bear interest at 6.700% per annum until January 15, 2037, then reset to the Five-year U.S. Treasury Rate plus 2.219 percentage points. Both series mature on January 15, 2057, and are subordinated in right of payment to all Senior Indebtedness. The Notes were issued under an Indenture dated December 14, 2022, as supplemented by the Eleventh and Twelfth Supplemental Indentures, each dated July 20, 2026.
  https://www.sec.gov/Archives/edgar/data/1276187/0001193125-26-309155.txt

## Citations
- 0001193125-26-298149 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526298149
- 0001193125-26-309155 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526309155