Latham & Watkins Advises Energy Transfer LP in US$3.5 Billion of Senior Notes and US$400 Million of Fixed-to-Fixed Reset Rate Junior Subordinated Notes

Energy Transfer LP (NYSE: ET) (Energy Transfer) announced the pricing of its concurrent offerings of US$1.0 billion aggregate principal amount of 5.250% senior notes due 2029, US$1.25 billion aggregate principal amount of 5.600% senior notes due 2034 and US$1.25 billion aggregate principal amount of 6.050% senior notes due 2054, and US$400 million aggregate principal amount of 7.125% fixed-to-fixed reset rate junior subordinated notes due 2054. Energy Transfer intends to use the net proceeds from the offerings to fund all or a portion of the cash consideration for its previously announced acquisition of WTG Midstream Holdings LLC, refinance existing indebtedness, including borrowings under its revolving credit facility, redeem all of its outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, and for general partnership purposes.

Latham & Watkins LLP advised Energy Transfer LP in the transaction with a capital markets team led by Houston partner Kevin Richardson and Austin partner Samuel Rettew, with associates Daniel Harrist, Brian Bruzzo, Don Izekor, and Braydon Jones. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee, with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz.