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SEC Filings
424B3
ENERGY TRANSFER OPERATING, L.P. filed this Form 424B3 on 01/08/2019
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DESCRIPTION OF THE NOTES

Energy Transfer will issue the notes under a base indenture among itself, the subsidiaries of Energy Transfer named therein and U.S. Bank National Association, as trustee, as supplemented by a supplemental indenture creating the notes (as so supplemented, the “indenture”).

This description is a summary of the material provisions of the notes and the indenture. This description does not restate those agreements and instruments in their entirety. You should refer to the notes and the indenture, forms of which are available as set forth below under “Where You Can Find More Information,” for a complete description of our obligations and your rights.

You can find the definitions of various terms used in this description under “—Certain Definitions” below. In this description, the terms “Energy Transfer,” “we,” “us” and “our” refer only to Energy Transfer Operating, L.P. and not to any of its Subsidiaries.

General

The notes:

 

   

will be general unsecured, senior obligations of Energy Transfer, ranking equally with all other existing and future unsecured and unsubordinated indebtedness of Energy Transfer;

 

   

will initially be issued in an aggregate principal amount of $             with respect to the 2021 notes, an aggregate principal amount of $            with respect to the 2024 notes, an aggregate principal amount of $            with respect to the 2029 notes and an aggregate principal amount of $            with respect to the 2049 notes;

 

   

will mature on April 15, 2021 with respect to the 2021 notes, April 15, 2024 with respect to the 2024 notes, April 15, 2029 with respect to the 2029 notes and April 15, 2049 with respect to the 2049 notes;

 

   

will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof;

 

   

will bear interest at an annual rate of         % with respect to the 2021 notes, an annual rate of     % with respect to the 2024 notes, an annual rate of     % with respect to the 2029 notes and an annual rate of     % with respect to the 2049 notes; and

 

   

except for the 2021 notes, will be redeemable at any time at our option at the applicable redemption prices described below under “—Optional Redemption.”

The 2021 notes, 2024 notes, 2029 notes and 2049 notes each constitute a separate series of debt securities under the indenture. The indenture does not limit the amount of debt securities we may issue under the indenture from time to time in one or more series.

We may in the future issue additional debt securities under the indenture in addition to the notes.

Interest

Interest on each series of notes will accrue from and including                     , 2019 or from and including the most recent interest payment date to which interest has been paid or provided for.

 

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