Energy Transfer Partners

Energy Transfer and Crestwood Announce Preliminary Election Results of Crestwood Preferred Unitholders

Retrieved on:

Wednesday, November 1, 2023

Energy, Other Energy, Utilities, Oil, Gas, Transfer, LE, NYSE, Economics, Tripura Merger Agreement, Acquisition, Electric Bond and Share Company v. Securities and Exchange Commission, Multimedia, Common, Energy Transfer Partners, Plan, Agreement, Security (finance)

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the preliminary results of the elections made by holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units”) regarding the form of merger consideration to be received in connection with Energy Transfer’s pending acquisition of Crestwood.

Key Points:

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the preliminary results of the elections made by holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units”) regarding the form of merger consideration to be received in connection with Energy Transfer’s pending acquisition of Crestwood.
Based on available information as of the election deadline of 5:00 p.m., New York City time, October 31, 2023, the preliminary election results were as follows:
Holders of 424,291 Crestwood Preferred Units, or approximately 0.60% of the outstanding Crestwood Preferred Units, elected to receive Crestwood Common Units.
Holders of 41,464,187 Crestwood Preferred Units, or approximately 58.19% of the outstanding Crestwood Preferred Units, either (i) elected to receive New ET Preferred Units or (ii) did not make a valid election, and, in accordance with the Merger Agreement, will be deemed to have elected to have their Crestwood Preferred Units converted into New ET Preferred Units.
Holders of 29,368,967 Crestwood Preferred Units, or approximately 41.21% of the outstanding Crestwood Preferred Units, elected to have their Crestwood Preferred Units redeemed in exchange for cash or Crestwood Common Units, at the sole discretion of the general partner of Crestwood.

Energy Transfer and Crestwood Announce Preliminary Election Results of Crestwood Preferred Unitholders

Retrieved on:

Wednesday, November 1, 2023

Alternative Energy, Energy, Utilities, Oil, Gas, Transfer, LE, NYSE, Economics, Tripura Merger Agreement, Acquisition, Electric Bond and Share Company v. Securities and Exchange Commission, Multimedia, Common, Energy Transfer Partners, Plan, Agreement, Security (finance)

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the preliminary results of the elections made by holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units”) regarding the form of merger consideration to be received in connection with Energy Transfer’s pending acquisition of Crestwood.

Key Points:

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the preliminary results of the elections made by holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units”) regarding the form of merger consideration to be received in connection with Energy Transfer’s pending acquisition of Crestwood.
Based on available information as of the election deadline of 5:00 p.m., New York City time, October 31, 2023, the preliminary election results were as follows:
Holders of 424,291 Crestwood Preferred Units, or approximately 0.60% of the outstanding Crestwood Preferred Units, elected to receive Crestwood Common Units.
Holders of 41,464,187 Crestwood Preferred Units, or approximately 58.19% of the outstanding Crestwood Preferred Units, either (i) elected to receive New ET Preferred Units or (ii) did not make a valid election, and, in accordance with the Merger Agreement, will be deemed to have elected to have their Crestwood Preferred Units converted into New ET Preferred Units.
Holders of 29,368,967 Crestwood Preferred Units, or approximately 41.21% of the outstanding Crestwood Preferred Units, elected to have their Crestwood Preferred Units redeemed in exchange for cash or Crestwood Common Units, at the sole discretion of the general partner of Crestwood.

Crestwood Unitholders Approve Energy Transfer Transaction

Retrieved on:

Monday, October 30, 2023

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that, at its special meeting of unitholders (the “Special Meeting”), Crestwood unitholders approved the previously announced transaction (the “Transaction”) with Energy Transfer LP (“Energy Transfer”).

Key Points:

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that, at its special meeting of unitholders (the “Special Meeting”), Crestwood unitholders approved the previously announced transaction (the “Transaction”) with Energy Transfer LP (“Energy Transfer”).
”On behalf of Crestwood, I would like to thank our unitholders for their strong support in approving the Transaction with Energy Transfer.
As previously announced, upon completion of the transaction, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit they own immediately prior to the effective time of the transaction.
In connection with the Transaction between Energy Transfer and Crestwood, Energy Transfer filed with the SEC a registration statement on Form S-4 (the “Registration Statement”) that includes a proxy statement of Crestwood that also constitutes a prospectus of Energy Transfer, and each party will file other documents regarding the Transaction with the SEC.

Crestwood Announces Receipt of Requisite Consents With Respect to its Previously Announced Consent Solicitation

Retrieved on:

Tuesday, October 24, 2023

The Consent Solicitation will expire at 5:00 p.m., Eastern Time, on October 25, 2023 (the “Expiration Date”).

Key Points:

The Consent Solicitation will expire at 5:00 p.m., Eastern Time, on October 25, 2023 (the “Expiration Date”).
The Consent Solicitation is being conducted in connection with the Merger and at the direction of Energy Transfer.
Persons with questions regarding the Consent Solicitation should contact BofA Securities at 888-292-0070 (toll free) or 980-387-3907 (collect) or [email protected] .
In connection with the Consent Solicitation, the Statement has been, and certain other documents relating to the Consent Solicitation may be, filed by Crestwood with the U.S. Securities and Exchange Commission (the “SEC”).

Energy Transfer and Crestwood Announce Election Deadline for Crestwood Preferred Unitholders to Elect Form of Merger Consideration

Retrieved on:

Monday, October 23, 2023

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).

Key Points:

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).
Crestwood Preferred Unitholders wishing to make an election as to the form of consideration they wish to receive must deliver a properly completed and executed Election Form to Equiniti Trust Company, LLC (the “Exchange Agent”) by the Election Deadline.
Crestwood Preferred Unitholders who do not return a properly completed Election Form by the Election Deadline will be deemed to have elected to have their Crestwood Preferred Units converted into New ET Preferred Units.
Crestwood Preferred Unitholders may contact the Exchange Agent with questions regarding the Election Form or (if they acquired their Crestwood Preferred Units after the Mailing Record Date) to request an Election Form at (877) 248-6417 or (718) 921-8317.

Leading Independent Proxy Advisory Firm Glass Lewis Recommends Crestwood Unitholders Vote “FOR” the Transaction with Energy Transfer

Retrieved on:

Monday, October 23, 2023

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that leading independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) recommends that unitholders vote “FOR” the pending transaction (the “Transaction”) with Energy Transfer LP (NYSE: ET) (“Energy Transfer”) ahead of the special meeting of unitholders scheduled to be held on October 30, 2023.

Key Points:

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that leading independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) recommends that unitholders vote “FOR” the pending transaction (the “Transaction”) with Energy Transfer LP (NYSE: ET) (“Energy Transfer”) ahead of the special meeting of unitholders scheduled to be held on October 30, 2023.
In its report dated October 20, 2023, Glass Lewis stated1:
Crestwood issued the following statement:
“We are pleased that both Glass Lewis and ISS support the Board’s unanimous recommendation that unitholders vote “FOR” the Transaction with Energy Transfer.
The recommendation from Glass Lewis further validates our belief that the Transaction delivers strong value to Crestwood unitholders through participation in the long-term success of the combined company.
Crestwood unitholders of record as of September 22, 2023, are entitled to vote at, or in advance of, the special meeting.

Energy Transfer and Crestwood Announce Election Deadline for Crestwood Preferred Unitholders to Elect Form of Merger Consideration

Retrieved on:

Monday, October 23, 2023

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).

Key Points:

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).
Crestwood Preferred Unitholders wishing to make an election as to the form of consideration they wish to receive must deliver a properly completed and executed Election Form to Equiniti Trust Company, LLC (the “Exchange Agent”) by the Election Deadline.
Crestwood Preferred Unitholders who do not return a properly completed Election Form by the Election Deadline will be deemed to have elected to have their Crestwood Preferred Units converted into New ET Preferred Units.
Crestwood Preferred Unitholders may contact the Exchange Agent with questions regarding the Election Form or (if they acquired their Crestwood Preferred Units after the Mailing Record Date) to request an Election Form at (877) 248-6417 or (718) 921-8317.

Crestwood Announces Extension of its Previously Announced Consent Solicitation

Retrieved on:

Saturday, October 21, 2023

Preferred Holders who have previously delivered consents in connection with the Consent Solicitation do not need to redeliver such consents or take any other action in response to this announcement in order to consent to the Consent Solicitation.

Key Points:

Preferred Holders who have previously delivered consents in connection with the Consent Solicitation do not need to redeliver such consents or take any other action in response to this announcement in order to consent to the Consent Solicitation.
The Consent Solicitation is being made in accordance with the terms and subject to the conditions set forth in Crestwood’s Consent Solicitation Statement, dated September 27, 2023 (the “Statement”).
Crestwood reserves the right to modify the Statement and the terms and conditions of the Consent Solicitation or to terminate the Consent Solicitation at any time.
In connection with the Consent Solicitation, the Statement has been, and certain other documents relating to the Consent Solicitation may be, filed by Crestwood with the U.S. Securities and Exchange Commission (the “SEC”).

Energy Transfer LP Announces Cash Distributions on Series C, D and E Preferred Units

Retrieved on:

Friday, October 20, 2023

Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.6488671 per Series C Preferred Unit (NYSE: ETprC), the quarterly cash distribution of $0.6621559 per Series D Preferred Unit (NYSE: ETprD), and the quarterly cash distribution of $0.4750000 per Series E Preferred Unit (NYSE: ETprE).

Key Points:

Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.6488671 per Series C Preferred Unit (NYSE: ETprC), the quarterly cash distribution of $0.6621559 per Series D Preferred Unit (NYSE: ETprD), and the quarterly cash distribution of $0.4750000 per Series E Preferred Unit (NYSE: ETprE).
These cash distributions will be paid on November 15, 2023 to Series C, Series D and Series E unitholders of record as of the close of business on November 1, 2023.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with nearly 125,000 miles of pipeline and associated energy infrastructure.
Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

Energy Transfer Announces Increase in Quarterly Cash Distribution

Retrieved on:

Friday, October 20, 2023

Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.3125 per Energy Transfer common unit ($1.25 on an annualized basis) for the third quarter ended September 30, 2023.

Key Points:

Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.3125 per Energy Transfer common unit ($1.25 on an annualized basis) for the third quarter ended September 30, 2023.
This cash distribution is an increase from $0.31 per Energy Transfer common unit for the second quarter of 2023 and will be paid on November 20, 2023, to unitholders of record as of the close of business on October 30, 2023.
In addition, as previously announced, Energy Transfer plans to release earnings for the third quarter of 2023 on Wednesday, November 1, 2023, after the market closes.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with nearly 125,000 miles of pipeline and associated energy infrastructure.