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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;8, 2019 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ENERGY TRANSFER OPERATING, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-31219</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">73-1493906</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8111 Westchester Drive, Suite 600 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dallas, Texas 75225 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(214) <FONT STYLE="white-space:nowrap">981-0700</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act
(17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry into a Material Definitive Agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Underwriting Agreement </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;8,
2019, Energy Transfer Operating, L.P. (the &#147;Partnership&#148;) and its wholly owned subsidiary, Sunoco Logistics Partners Operations L.P. (the &#147;Operating Partnership&#148; and, together with the Partnership, the &#147;Partnership
Parties&#148;), entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with Deutsche Bank Securities Inc., Goldman Sachs&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, RBC Capital Markets
LLC and SunTrust Robinson Humphrey, Inc., as joint book-running managers and representatives of the several underwriters named therein (collectively, the &#147;Underwriters&#148;), relating to the public offering (the &#147;Offering&#148;) by the
Partnership of $750,000,000 aggregate principal amount of its 4.500% Senior Notes due 2024 (the &#147;2024 Notes&#148;), $1,500,000,000 aggregate principal amount of its 5.250% Senior Notes due 2029 (the &#147;2029 Notes&#148;), and $1,750,000,000
aggregate principal amount of its 6.250% Senior Notes due 2049 (the &#147;2049 Notes&#148; and, together with the 2024 Notes and the 2029 Notes, collectively, the &#147;Notes&#148;). The Notes will initially be fully and unconditionally guaranteed
by the Operating Partnership (the &#147;Guarantees&#148; and, together with the Notes, the &#147;Securities&#148;) on a senior unsecured basis so long as the Operating Partnership guarantees any of the Partnership&#146;s obligations under its
revolving credit facility. The Offering has been registered under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), pursuant to a Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3ASR</FONT> (Registration <FONT
STYLE="white-space:nowrap">No.&nbsp;333-221411)</FONT> of the Partnership, as amended by Post-Effective Amendment No.&nbsp;1 thereto and as supplemented by the Prospectus Supplement dated January&nbsp;8, 2019 relating to the Securities (together
with the accompanying prospectus dated November&nbsp;8, 2017, the &#147;Prospectus Supplement&#148;), filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act on January&nbsp;10, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Underwriting Agreement contains customary representations, warranties and agreements by the Partnership Parties, and customary conditions
to closing, indemnification obligations of the Partnership Parties and the Underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. The summary of the Underwriting Agreement in
this report does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 hereto, and is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Offering is expected to close on January&nbsp;15, 2019, subject to the satisfaction of customary closing conditions. The Partnership
intends to use the expected net proceeds of approximately $3.96&nbsp;billion from the Offering (i)&nbsp;to make an intercompany loan to Energy Transfer LP (&#147;ET&#148;), which will use the proceeds therefrom to repay in full its
$1.22&nbsp;billion term loan due February&nbsp;2, 2024, (ii) to repay in full its 9.70% senior notes due March&nbsp;15, 2019 and 9.00% senior notes due April&nbsp;15, 2019 and its subsidiary&#146;s 8.125% senior notes due June&nbsp;1, 2019, (iii) to
repay a portion of the borrowings under its revolving credit facility and (iv)&nbsp;for general partnership purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Certain Relationships </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As more fully described under the caption &#147;Underwriting&#148; in the Prospectus Supplement, from time to time, certain of the Underwriters
and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with the Partnership or its affiliates. They have received, or may in the future receive,
customary fees and commissions for these transactions. Certain of the Underwriters or their affiliates may own a portion of the Partnership&#146;s 9.70% senior notes due March&nbsp;15, 2019, its 9.00% senior notes due April&nbsp;15, 2019 and its
subsidiary&#146;s 8.125% senior notes due June&nbsp;1, 2019, in which case such Underwriters or their affiliates would receive a portion of the net proceeds from the Offering. In addition, affiliates of each of the Underwriters are lenders under
ET&#146;s term loan facility and/or the Partnership&#146;s revolving credit facility and, accordingly, will receive a portion of the net proceeds of the Offering through ET&#146;s refinancing of borrowings under its term loan and the
Partnership&#146;s repayment of borrowings under its revolving credit facility. </P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Events. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;8, 2019, the Partnership issued a press release relating to the pricing of the Offering contemplated by the Underwriting
Agreement. A copy of the press release is furnished as Exhibit 99.1 hereto. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
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<TD VALIGN="top"><A HREF="d686782dex11.htm">Underwriting Agreement dated as of January&nbsp;8, 2019 among Energy Transfer Operating, L.P., Sunoco Logistics Partners Operations L.P., Deutsche Bank Securities Inc., Goldman Sachs&nbsp;
&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc., as representatives of the several underwriters named therein. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top"><A HREF="d686782dex991.htm">Press Release, dated January&nbsp;8, 2019, announcing the pricing of the Securities. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SIGNATURES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>ENERGY TRANSFER OPERATING, L.P.</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Energy Transfer Partners GP, L.P.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its general
partner</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Energy Transfer Partners, L.L.C.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its general
partner</P></TD></TR>
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<TD VALIGN="top">Date: January&nbsp;10, 2019</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas E. Long</P></TD></TR>
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<TD VALIGN="top">Thomas E. Long</TD></TR>
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<TD VALIGN="top">Chief Financial Officer</TD></TR>
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{"company-data": {"conformed-name": "Energy Transfer Operating, L.P.", "cik": "0001161154", "assigned-sic": "4610", "irs-number": "731493906", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31219", "film-number": "19520402"}, "business-address": {"street1": "8111 WESTCHESTER DRIVE", "street2": "SUITE 600", "city": "DALLAS", "state": "TX", "zip": "75225", "phone": "214-981-0700"}, "mail-address": {"street1": "8111 WESTCHESTER DRIVE", "street2": "SUITE 600", "city": "DALLAS", "state": "TX", "zip": "75225"}, "former-company": [{"former-conformed-name": "Energy Transfer Partners, L.P.", "date-changed": "20170428"}, {"former-conformed-name": "SUNOCO LOGISTICS PARTNERS L.P.", "date-changed": "20090217"}, {"former-conformed-name": "SUNOCO LOGISTICS PARTNERS LP", "date-changed": "20011018"}]}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 8, 2019
ENERGY TRANSFER OPERATING, L.P.
(Exact name of Registrant as specified in its charter)
Delaware
1-31219
73-1493906
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification Number)
8111 Westchester Drive, Suite 600
Dallas, Texas 75225
(Address of principal executive offices)
(214)
981-0700
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to
Rule 14a-12
under the Exchange Act
(17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to
Rule 14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to
Rule 13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company  ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 1.01.
Entry into a Material Definitive Agreement.
Underwriting Agreement
On January 8,
2019, Energy Transfer Operating, L.P. (the "Partnership") and its wholly owned subsidiary, Sunoco Logistics Partners Operations L.P. (the "Operating Partnership" and, together with the Partnership, the "Partnership
Parties"), entered into an underwriting agreement (the "Underwriting Agreement") with Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets
LLC and SunTrust Robinson Humphrey, Inc., as joint book-running managers and representatives of the several underwriters named therein (collectively, the "Underwriters"), relating to the public offering (the "Offering") by the
Partnership of $750,000,000 aggregate principal amount of its 4.500% Senior Notes due 2024 (the "2024 Notes"), $1,500,000,000 aggregate principal amount of its 5.250% Senior Notes due 2029 (the "2029 Notes"), and $1,750,000,000
aggregate principal amount of its 6.250% Senior Notes due 2049 (the "2049 Notes" and, together with the 2024 Notes and the 2029 Notes, collectively, the "Notes"). The Notes will initially be fully and unconditionally guaranteed
by the Operating Partnership (the "Guarantees" and, together with the Notes, the "Securities") on a senior unsecured basis so long as the Operating Partnership guarantees any of the Partnership's obligations under its
revolving credit facility. The Offering has been registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to a Registration Statement on Form
S-3ASR
(Registration
No. 333-221411)
of the Partnership, as amended by Post-Effective Amendment No. 1 thereto and as supplemented by the Prospectus Supplement dated January 8, 2019 relating to the Securities (together
with the accompanying prospectus dated November 8, 2017, the "Prospectus Supplement"), filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act on January 10, 2019.
The Underwriting Agreement contains customary representations, warranties and agreements by the Partnership Parties, and customary conditions
to closing, indemnification obligations of the Partnership Parties and the Underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. The summary of the Underwriting Agreement in
this report does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 hereto, and is incorporated herein by reference.
The Offering is expected to close on January 15, 2019, subject to the satisfaction of customary closing conditions. The Partnership
intends to use the expected net proceeds of approximately $3.96 billion from the Offering (i) to make an intercompany loan to Energy Transfer LP ("ET"), which will use the proceeds therefrom to repay in full its
$1.22 billion term loan due February 2, 2024, (ii) to repay in full its 9.70% senior notes due March 15, 2019 and 9.00% senior notes due April 15, 2019 and its subsidiary's 8.125% senior notes due June 1, 2019, (iii) to
repay a portion of the borrowings under its revolving credit facility and (iv) for general partnership purposes.
Certain Relationships
As more fully described under the caption "Underwriting" in the Prospectus Supplement, from time to time, certain of the Underwriters
and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with the Partnership or its affiliates. They have received, or may in the future receive,
customary fees and commissions for these transactions. Certain of the Underwriters or their affiliates may own a portion of the Partnership's 9.70% senior notes due March 15, 2019, its 9.00% senior notes due April 15, 2019 and its
subsidiary's 8.125% senior notes due June 1, 2019, in which case such Underwriters or their affiliates would receive a portion of the net proceeds from the Offering. In addition, affiliates of each of the Underwriters are lenders under
ET's term loan facility and/or the Partnership's revolving credit facility and, accordingly, will receive a portion of the net proceeds of the Offering through ET's refinancing of borrowings under its term loan and the
Partnership's repayment of borrowings under its revolving credit facility.
Item 8.01.
Other Events.
On January 8, 2019, the Partnership issued a press release relating to the pricing of the Offering contemplated by the Underwriting
Agreement. A copy of the press release is furnished as Exhibit 99.1 hereto.
Item 9.01.
Financial Statements and Exhibits.
Exhibit
Number
Description
1.1
Underwriting Agreement dated as of January 8, 2019 among Energy Transfer Operating, L.P., Sunoco Logistics Partners Operations L.P., Deutsche Bank Securities Inc., Goldman Sachs 
& Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc., as representatives of the several underwriters named therein.
99.1
Press Release, dated January 8, 2019, announcing the pricing of the Securities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ENERGY TRANSFER OPERATING, L.P.
By:
Energy Transfer Partners GP, L.P.,
its general
partner
By:
Energy Transfer Partners, L.L.C.,
its general
partner
Date: January 10, 2019
By:
/s/ Thomas E. Long
Thomas E. Long
Chief Financial Officer