Hunton Andrews Kurth advised the underwriters on the deal, while Latham & Watkins LLP represented Energy Transfer.
Energy Transfer LP announced the offering of $900 million of 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units. J.P. The preferred units offering is expected to close on or about June 15, 2021.
Energy Transfer LP owns and operates one of the largest and most diversified portfolios of energy assets in the United States. The company is strategically positioned in all of the major U.S. production basins, its core operations include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. Energy Transfer LP also owns Lake Charles LNG Company, as well as limited partner interests and the general partner interests of publicly-traded master limited partnerships Sunoco LP (NYSE: SUN) and USA Compression Partners, LP (NYSE: USAC).
The underwriters included J.P. Morgan Securities LLC, Mizuho Securities, PNC Capital Markets LLC., Truist Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Natixis Securities Americas LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
The Hunton Andrews Kurth team was led by Houston partner Jordan Hirsch (Picture), and included associates Mike Hoffman, Erin Juvenal, Casey Shaw, Hannah Bradley and Kelli Regan on corporate matters, partner Lisa Shelton on environmental matters, partner Harve Truskett on real estate matters, partner Shemin Proctor on regulatory matters, partner Robert McNamara and associate Tim Strother on tax matters, and partners Mike O’Leary and Rob Taylor on opinion matters.
Latham & Watkins LLP represented Energy Transfer with a corporate deal team led by Houston partners Kevin Richardson and Bill Finnegan, with associates Dan Harrist, Kate Wang, and Austin Johnson. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee, with associates Mike Rowe and Marianne Standley; and on environmental matters by Houston partner Joel Mack and Los Angeles Counsel Josh Marnitz.
Involved fees earner: Hannah Bradley – Hunton Andrews Kurth LLP; Jordan Hirsch – Hunton Andrews Kurth LLP; Michael Hoffman – Hunton Andrews Kurth LLP; Erin Juvenal Jennings – Hunton Andrews Kurth LLP; Robert McNamara – Hunton Andrews Kurth LLP; Michael O’Leary – Hunton Andrews Kurth LLP; Shemin Proctor – Hunton Andrews Kurth LLP; Kelli Regan – Hunton Andrews Kurth LLP; Casey Shaw – Hunton Andrews Kurth LLP; Lisa Shelton – Hunton Andrews Kurth LLP; Tim Strother – Hunton Andrews Kurth LLP; Roberts Taylor Jr. – Hunton Andrews Kurth LLP; Harve Truskett – Hunton Andrews Kurth LLP; Timothy Fenn – Latham & Watkins; William Finnegan – Latham & Watkins; Daniel Harrist – Latham & Watkins; Austin Johnson – Latham & Watkins; Bryant Lee – Latham & Watkins; Joel Mack – Latham & Watkins; Joshua Marnitz – Latham & Watkins; Kevin Richardson – Latham & Watkins; Michael Rowe – Latham & Watkins; Marianne Standley – Latham & Watkins; Kate Wang – Latham & Watkins;
Clients: Bank of America Securities; Barclays Capital ; BMO Capital Markets; CIBC World Markets Corp.; Citigroup Global Markets Ltd; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities; Energy Transfer LP; Fifth Third Securities, Inc.; Goldman Sachs & Co.; HSBC Securities; J.P. Morgan Securities LLC; Mizuho Securities; Morgan Stanley; MUFG Securities Americas Inc. ; Natixis Securities Americas; PNC Capital Markets LLC; RBC Capital Markets; Scotia Capital Inc.; SMBC Nikko Securities America; TD Securities; Truist Securities Inc. ; U.S. Bancorp Investments; Wells Fargo Securities;