Energy Transfer LP 8-K

What Happened

• Energy Transfer LP filed a Form 8‑K on January 13, 2026 disclosing that on January 12, 2026 it entered into an underwriting agreement for a public offering of $3.0 billion aggregate principal amount of senior notes. The offering consists of $1.0B of 4.550% Senior Notes due 2031, $1.0B of 5.350% Senior Notes due 2036 and $1.0B of 6.300% Senior Notes due 2056. The offering was priced and registered under the Partnership’s effective Form S‑3 registration statement, with a prospectus supplement filed January 12, 2026. The offering is expected to close on January 27, 2026, subject to customary closing conditions.

Key Details

• Underwriting agreement dated January 12, 2026 with joint book‑running managers: BofA Securities, Deutsche Bank Securities, Mizuho Securities USA, MUFG Securities Americas and SMBC Nikko Securities America.
• Estimated net proceeds of approximately $2.97 billion before offering expenses.
• Stated use of proceeds: refinance existing indebtedness (including repayment of commercial paper and borrowings under the revolving credit facility) and for general partnership purposes.
• The underwriters and their affiliates have ordinary‑course relationships with the Partnership (they are lenders under the revolving credit facility and dealers in its commercial paper), and may receive a portion of proceeds to the extent borrowings are repaid to them.

Why It Matters

• This financing affects the Partnership’s debt maturity and interest cost profile by adding three tranches of long‑term notes while providing cash to repay shorter‑term borrowings (commercial paper and revolver draws). For investors, the transaction signals a refinancing move that could reduce near‑term liquidity pressure and lock in longer‑dated funding, with clear impacts on leverage and interest expense depending on how proceeds are applied and market conditions.