Energy Transfer announced the pricing of a $3.8 billion offering in senior and junior notes previously announced on Nov. 11, saying the company plans to use the proceeds to refinance company debts, redeem all series C, D and E fixed-to-floating cumulative redeemable perpetual preferred units and for general partnership purposes.

The company is offering $3 billion in senior notes and $800 million in junior notes. The sale of the senior notes is expected to settle Jan. 25.

The company is offering a $1.25 billion principle amount of 5.55% senior notes due in 2034, which is available to the public at a price of 99.66% of their face value. Energy Transfer is also offering a $1.75 billion principle amount of 5.95% senior notes due in 2054, which is available at 99.523% of their face value.

The $800 million principle amount of the 8% fixed-to-fixed reset rate junior subordinated notes are due in 2054 are available for 100% of their face value.

The settlements of the senior and junior notes are not dependent on each other. Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and RBC Capital Markets LLC are acting as joint book-running managers for the senior notes offering and the junior subordinated notes offering, Energy Transfer said.

After the notes were priced, Energy Transfer gave notice it would redeem all of its outstanding series C preferred units at a unit price of $25.607454, equal to $25 per unit plus unpaid distributions up to but not including Feb. 9, the day the units can be redeemed. Series D preferred units will receive $25.619877 per unit, according to the same standards and date as the series C units.

The series E units price will be determined at a later date, as the units are not redeemable until May 15, the company said.

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