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Filed Pursuant to Rule 433
Registration No. 333-147990
March 25, 2008
ENERGY TRANSFER PARTNERS, L.P.
6.000% Senior Notes due 2013
6.700% Senior Notes due 2018
7.500% Senior Notes due 2038
The following information supplements the Preliminary Prospectus Supplement dated March 25, 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:
   March 25, 2008
 
Settlement Date:
   March 28, 2008
 
Maturity Date:
   Notes due 2013: July 1, 2013
 
   Notes due 2018: July 1, 2018
 
   Notes due 2038: July 1, 2038
 
Principal Amount:
   Notes due 2013: $350,000,000
 
   Notes due 2018: $600,000,000
 
   Notes due 2038: $550,000,000
 
Benchmark:
   Notes due 2013: 2.75% due February 28, 2013
 
   Notes due 2018: 3.50% due February 15, 2018
 
   Notes due 2038: 5.00% due May 15, 2037
 
Benchmark Yield:
   Notes due 2013: 2.595%
 
   Notes due 2018: 3.492%
 
   Notes due 2038: 4.290%
 
Re-offer Spread to Benchmark:
   Notes due 2013: + 345 bps
 
   Notes due 2018: + 325 bps
 
   Notes due 2038: + 330 bps
 
Yield to Maturity:
   Notes due 2013: 6.045%
 
   Notes due 2018: 6.742%
 
   Notes due 2038: 7.590%
 
Coupon:
   Notes due 2013: 6.000%
 
   Notes due 2018: 6.700%
 
   Notes due 2038: 7.500%
 
Public Offering Price:
   Notes due 2013: 99.811%
 
   Notes due 2018: 99.706%
 
   Notes due 2038: 98.956%
 
Optional Redemption:
   Make whole call Notes due 2013: T + 50 bps
 
   Make whole call Notes due 2018: T + 50 bps
 
   Make whole call Notes due 2038: T + 50 bps
 
Interest Payment Dates:
   January 1 and July 1, beginning July 1, 2008
 
CUSIP / ISIN:
   Notes due 2013: 29273RAG4 / US29273RAG48
 
   Notes due 2018: 29273RAH2 / US29273RAH21
 
   Notes due 2038: 29273RAJ8 / US29273RAJ86
 
Joint Bookrunning Managers:
   Wachovia Capital Markets, LLC
 
   Credit Suisse Securities (USA) LLC
 
   J.P. Morgan Securities Inc.
 
   UBS Securities LLC
 
Co-Managers:
   Banc of America Securities LLC
 
   BMO Capital Markets Corp.
 
   BNP Paribas Securities Corp.
 
   Citigroup Global Markets Inc.
 
   Deutsche Bank Securities Inc.
 
   Morgan Stanley & Co. Incorporated
 
   Greenwich Capital Markets, Inc.
 
   Wells Fargo Securities, LLC
 

 

 

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 toll-free Wachovia Capital Markets, LLC at (800) 326-5897, Credit Suisse Securities (USA) LLC at (800) 221-1037, J.P. Morgan Securities Inc. collect at (212) 834-4533, or UBS Securities LLC at (877) 827-6444, ext. 561 3884.
Use of Proceeds
We expect to receive net proceeds of approximately $1.48 billion from the sale of the notes we are offering, after deducting underwriting discounts and commissions and other expenses associated with the offering.
Capitalization
The following table sets forth our consolidated cash and capitalization as of December 31, 2007 (1) on an actual basis, (2) on an adjusted basis to give effect to the $500 million term loan credit facility entered into on February 5, 2008 to pay down amounts outstanding under the ETP Credit Facility and for general corporate purposes and (3) on a pro forma 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 if each of these transactions had occurred on December 31, 2007. 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 Current Report on Form 8-K filed on March 19, 2008, which is incorporated by reference in the prospectus supplement and the accompanying prospectus.
                         
    December 31, 2007  
    Actual     Adjusted     Pro Forma  
    (in thousands)  
Cash and cash equivalents
   $ 56,467     $ 56,467     $ 56,467  
 
                  
 
                        
Debt, including current maturities:
                        
Debt of Energy Transfer Partners:
                        
5.650% Senior Notes due 2012
   $ 399,712     $ 399,712     $ 399,712  
5.950% Senior Notes due 2015
     748,267       748,267       748,267  
6.125% Senior Notes due 2017
     399,678       399,678       399,678  
6.625% Senior Notes due 2036
     397,769       397,769       397,769  
ETP Revolving Credit Facility (other than swingline loan)
     1,353,000       1,126,948       146,627  
Swingline loan
     273,948       —       —  
364-day term loan credit facility
     —       500,000       —  
2013 notes offered hereby
     —       —       350,000  
2018 notes offered hereby
     —       —       600,000  
2038 notes offered hereby
     —       —       550,000  
Debt of our Subsidiaries:
                        
HOLP senior secured notes
     223,359       223,359       223,359  
HOLP Credit Facility
     15,000       15,000       15,000  
Other HOLP long-term debt
     14,345       14,345       14,345  
Transwestern 5.39% Notes due 2014
     92,077       92,077       92,077  
Transwestern 5.54% Notes due 2016
     120,145       120,145       120,145  
Transwestern 5.64% Notes due 2017
     82,000       82,000       82,000  
Transwestern 5.89% Notes due 2022
     150,000       150,000       150,000  
Transwestern 6.16% Notes due 2037
     75,000       75,000       75,000  
Total debt
     4,344,300       4,344,300       4,363,979  
 
                  
Less current maturities
     (47,036 )     (547,036 )     (47,036 )
 
                  
Long-term debt, less current maturities
     4,297,264       3,797,264       4,316,943  
 
                  
Total partners’ capital
     3,379,191       3,379,191       3,379,191  
 
                  
Total capitalization
   $ 7,676,455     $ 7,176,455     $ 7,696,134  
     
Ranking
As of December 31, 2007, after giving effect to this offering and the use of net proceeds therefrom, Energy Transfer Partners, L.P., excluding its subsidiaries, would have had $3.59 billion of indebtedness, all of which would have been unsecured, unsubordinated indebtedness consisting entirely of the notes offered hereby, Energy Transfer’s 5.65% Senior Notes due 2012, 5.95% Senior Notes due 2015, 6.125% Senior Notes due 2017 and 6.625% Senior Notes due 2036 and Energy Transfer’s obligations under its credit agreement.