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.