Energy Transfer Partners, L.P. Announces Pricing of Series C Preferred Unit Offering

DALLAS–(BUSINESS WIRE)–Energy Transfer Partners, L.P. (NYSE: ETP) today announced
it has priced an underwritten public offering of 18,000,000 of its
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual
Preferred Units (the “Series C Preferred Units”) at a price of $25.00
per unit, resulting in total proceeds of $450 million. The underwriters
have a 30-day option to purchase up to 2,700,000 additional Series C
Preferred Units.

Distributions on the Series C Preferred Units will accrue and be
cumulative from and including the date of original issue to, but
excluding, May 15, 2023, at a rate of 7.375% per annum of the stated
liquidation preference of $25.00. On and after May 15, 2023,
distributions on the Series C Preferred Units will accumulate at a
percentage of the $25.00 liquidation preference equal to an annual
floating rate of the three-month LIBOR, determined quarterly, plus a
spread of 4.530% per annum. The Series C Preferred Units are redeemable
at ETP’s option on or after May 15, 2023 at a redemption price of $25.00
per Series C Preferred Unit, plus an amount equal to all accumulated and
unpaid distributions thereon to, but excluding, the date of redemption.

The offering of the Series C Preferred Units is expected to close on or
about April 25, 2018, subject to the satisfaction of customary closing
conditions.

ETP intends to use the net proceeds from the offering to repay amounts
outstanding under its revolving credit facility and for general
partnership purposes.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting
as underwriters of the offering. When available, copies of the
prospectus supplement and prospectus relating to the offering may be
obtained by sending a request to:

Morgan Stanley & Co. LLC
Attention: Prospectus Department
180
Varick Street, 2nd Floor
New York, New York 10014
Telephone:
1-866-718-1649
Email: [email protected]

RBC Capital Markets, LLC
Attention: DCM Transaction Management
200
Vesey Street
New York, New York 10281
Telephone: 1-866-375-6829

Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis,
MN 55402
Attention: WFS Customer Service
Telephone:
1-800-645-3751
Email: [email protected]

You may also obtain these documents for free when they are available by
visiting EDGAR on the Securities and Exchange Commission, or SEC, web
site at www.sec.gov.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The offering may be made only by means of a prospectus and
related prospectus supplement meeting the requirements of Section 10 of
the Securities Act of 1933, as amended. The offering will be made
pursuant to an effective shelf registration statement and prospectus
previously filed by ETP with the SEC.

Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation assets; and
various acquisition and marketing assets. ETP’s general partner is owned
by Energy Transfer Equity, L.P. (NYSE: ETE).

Statements about the offering may be forward-looking statements as
defined under federal law. Forward-looking statements can be identified
by words such as “will,” “intends,” “anticipates,” “believes,”
“expects,” “estimates,” “forecasts,” “projects,” “should” and other
similar expressions. These forward-looking statements rely on a number
of assumptions concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of ETP,
and a variety of risks that could cause results to differ materially
from those expected by management of ETP. Important information about
issues that could cause actual results to differ materially from those
expected by management of ETP can be found in ETP’s public periodic
filings with the SEC, including its Annual Report on Form 10-K. ETP
undertakes no obligation to update or revise forward-looking statements
to reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.

Contacts

Energy Transfer Partners, L.P.
Investor Relations:
Lyndsay
Hannah, 214-981-0795
or
Brent Ratliff, 214-981-0795
or
Helen
Ryoo, 214-981-0795
or
Media Relations:
Vicki Granado,
214-840-5820