MLP Giant Energy Transfer Partners to Issue Fixed-to-Floating Preferred

Energy Transfer Partners (NYSE:ETP) will be selling a new fixed-to-floating rate preferred.  The issue will generate a K-1 at tax time.

The issue has not yet been priced, but will have a 5 year optional redemption time frame–this is a bit unusual as many times fixed-to-floating rate issues have longer fixed rate periods (as long as 10 years).

The issue will trade under the ticker of ETP-C when it reaches the permanent exchange.  It will trade on the OTC Grey Market under ticker ETPPP prior to big board trading.

ETP doesn’t have any $25/share preferred trading, but does have a 6.25% and 6.625% $1000/share issues outstanding.

The preliminary prospectus can be found here.