Latham & Watkins Advises Energy Transfer LP in Offering of US$2 Billion Junior Subordinated Notes

Energy Transfer LP (NYSE: ET) has announced the pricing of its offering of US$1.2 billion aggregate principal amount of Series 2025A junior subordinated notes due 2056 (the Series 2025A notes) and US$800 million aggregate principal amount of Series 2025B junior subordinated notes due 2056 (the Series 2025B notes) each at prices to the public of 100.000% of their face value. Initially, the Series 2025A notes will bear interest at an annual rate of 6.500% and the Series 2025B notes will bear interest at an annual rate of 6.750%.

Latham & Watkins LLP advised Energy Transfer LP in the transaction with a corporate team led by Houston partner Kevin Richardson, with associates Brian Bruzzo, Nikky Wei, and Jennifer Pitsch. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee, with associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Jacqueline Zhang.