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Filed Pursuant to Rule 433
Registration No. 333-147990
December 18, 2008
ENERGY TRANSFER PARTNERS, L.P.
9.70% Senior Notes due 2019
The following information supplements the Preliminary Prospectus Supplement dated December 18,
2008, and is filed pursuant to Rule 433, under Registration No. 333-147990
     
 
Issuer:
  Energy Transfer Partners, L.P.
 
Security Type:
  Senior Unsecured Notes
 
Expected Ratings (Moody’s / S&P / Fitch):
  Baa3 (Stable) / BBB- (Stable) / BBB- (Stable)
 
Minimum Denomination:
  $1,000 
 
Pricing Date:
  December 18, 2008
 
Settlement Date:
  December 23, 2008
 
Maturity Date:
  March 15, 2019
 
Principal Amount:
  $600,000,000
 
Benchmark:
  1.125% due December 15, 2011
 
Benchmark Yield:
  0.920%
 
Re-offer Spread to Benchmark:
  + 878 bps
 
Yield to Maturity:
  9.70%
 
Coupon:
  9.70%
 
Public Offering Price:
  99.928%
 
Optional Redemption:
  Make whole call: T + 50 bps
 
Optional Repurchase Date:
  March 15, 2012
 
Interest Payment Dates:
  March 15 and September 15, beginning September 15, 2009
 
CUSIP / ISIN:
  29273R AK5 / US29273RAK59
 
Joint Bookrunning Managers:
  Morgan Stanley & Co. Incorporated
Credit Suisse Securities (USA) LLC
J.P. Morgan Securities Inc.
Wachovia Capital Markets, LLC
 
Co-Managers:
  Banc of America Securities LLC
SunTrust Robinson Humphrey, Inc.
 
The issuer has filed a registration statement (including a base prospectus and a prospectus supplement) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling Morgan Stanley & Co. Incorporated at (866) 718-1649, Credit Suisse Securities (USA) LLC at (800) 221-1037, J.P. Morgan Securities Inc. collect at (212) 834-4533 or Wachovia Capital Markets, LLC at (800) 326-5897.
Use of Proceeds
We expect to receive net proceeds of approximately $596.0 million from the sale of the notes we are offering, after deducting underwriting discounts and commissions but before deducting other expenses associated with the offering. We anticipate using the proceeds of this offering to repay approximately $595.7 million of the indebtedness outstanding under our revolving credit facility (including our outstanding swingline loan) and for general partnership purposes.

 

 

Capitalization
The following table sets forth our consolidated cash and capitalization as of September 30, 2008:
  •   on an actual basis; and
 
  •   on an adjusted basis to give effect to the public offering of the notes made pursuant to the prospectus supplement and the application of the net proceeds therefrom as set forth in the prospectus supplement under the caption “Use of Proceeds,” as if the offering had occurred on September 30, 2008.
The actual information in the table is derived from and should be read in conjunction with our historical financial statements, including the accompanying notes, included in the exhibits to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, which is incorporated by reference in the prospectus supplement.
                 
    September 30, 2008  
    Actual     As Adjusted  
    (in thousands)  
Cash and cash equivalents
   $ 526,074     $ 526,074  
 
            
 
                
Debt, including current maturities:
                
Debt of Energy Transfer Partners:
                
5.650% Senior Notes due 2012
   $ 399,754     $ 399,754  
5.950% Senior Notes due 2015
     748,418       748,418  
6.000% Senior Notes due 2013
     349,393       349,393  
6.125% Senior Notes due 2017
     399,698       399,698  
6.625% Senior Notes due 2036
     397,789       397,789  
6.700% Senior Notes due 2018
     598,297       598,297  
7.500% Senior Notes due 2038
     544,283       544,283  
ETP revolving credit facility (other than swingline loan)
     1,152,000       792,117  
Swingline loan
     235,785       —  
9.700% Senior Notes due 2019 offered hereby
     —       600,000  
Debt of our Subsidiaries:
                
HOLP senior secured notes
     185,811       185,811  
HOLP credit facility
     10,000       10,000  
Other HOLP long-term debt
     9,783       9,783  
Transwestern 5.39% Notes due 2014
     91,644       91,644  
Transwestern 5.54% Notes due 2016
     120,538       120,538  
Transwestern 5.64% Notes due 2017
     82,000       82,000  
Transwestern 5.89% Notes due 2022
     150,000       150,000  
Transwestern 6.16% Notes due 2037
     75,000       75,000  
Titan long-term debt
     4,951       4,951  
 
            
Total long-term debt
     5,555,144       5,559,476  
Less current maturities
     (45,660 )     (45,660 )
 
            
Long-term debt, less current maturities
     5,509,484       5,513,816  
 
            
Total partners’ capital
     3,810,107       3,810,107  
 
            
Total capitalization
   $ 9,319,591     $ 9,323,923  
 
            
Ranking
The notes will rank equally with all of our other existing and future unsubordinated indebtedness. Assuming we had completed this offering on September 30, 2008, after giving effect to the use of proceeds of this offering, we would have had approximately $4.83 billion of unsubordinated indebtedness outstanding as of that date.