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Energy Transfer Operating LP 7.60% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

4/21 Ticker Changed.

The coupon is fixed at 7.60% until 5/15/2024 after which it will float at a rate of 3 month Libor plus a spread of 5.161%

Ticker: ET-E

Parent Ticker: ET

OTC Grey Market Temporary Ticker: ETPEP

Issuance Date: 04/17/2019

1st Call Date: 05/15/2024

Maturity Date: None

Shares Issued: 28,000,000

Overallotment Shares: 4,200,000

Coupon: 7.625%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.475

Payment Months: FEB, MAY, AUG, NOV

Payment Day: 15

S&P Rating: BB+

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: Ba2

Fitch Rating: NR

Egan-Jones Rating: NR