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Issuer Free Writing Prospectus dated May 9, 2011
Filed Pursuant to Rule 433
Registration No. 333-171697
ENERGY TRANSFER PARTNERS, L.P.
4.65% Senior Notes due 2021
6.05% Senior Notes due 2041
Pricing Term Sheet
         
Issuer:
   Energy Transfer Partners, L.P.    
 
        
Ratings*:
   Moody’s: Baa3 (Stable)
    
 
   S&P: BBB- (Stable)
    
 
   Fitch: BBB- (Stable)
    
 
        
Security Type:
   Senior Unsecured Notes    
 
        
Denominations/Multiple:
   $2,000 x $1,000    
 
        
Pricing Date:
   May 9, 2011    
 
        
Settlement Date:
   May 12, 2011    
 
 
   4.65% Senior Notes due 2021   6.05% Senior Notes due 2041
 
        
Maturity Date:
   June 1, 2021   June 1, 2041
 
        
Principal Amount:
   $800,000,000   $700,000,000
 
        
Benchmark Treasury:
   3.625% due February 15, 2021   4.25% due November 15, 2040
 
        
Benchmark Yield:
   3.140%   4.318%
 
        
Spread to Benchmark:
   +155 bps   +175 bps
 
        
Yield to Maturity:
   4.690%   6.068%
 
        
Coupon:
   4.65%   6.05%
 
        
Public Offering Price:
   99.679%   99.747%
 
        
Gross Spread:
   0.650%   0.875%
 
        
Net Proceeds to Issuer
(after underwriting fees):
   $792,232,000   $692,104,000
 
        
Optional Redemption:
        
 
        
     Make-Whole Call:
   T +25 bps prior to March 1, 2021   T +25 bps prior to December 1, 2040
 
        
     Call at Par:
   On or after March 1, 2021   On or after December 1, 2040
 
        
Interest Payment Period:
   Semi-Annually   Semi-Annually

 

 

         
Interest Payment Dates:
   June 1 and December 1,
   June 1 and December 1,
 
   beginning December 1, 2011   beginning December 1, 2011
 
        
Interest Record Dates:
   May 15 and November 15   May 15 and November 15
 
        
CUSIP / ISIN:
   29273RAN9 / US29273RAN98   29273RAP4 / US29273RAP47
 
        
Joint Bookrunning Managers:
   RBS Securities Inc.
    
 
   Credit Suisse Securities (USA) LLC
    
 
   SunTrust Robinson Humphrey, Inc.
    
 
   BNP Paribas Securities Corp.
    
 
   Deutsche Bank Securities Inc.    
 
        
Co-Managers:
   DnB NOR Markets, Inc.
    
 
   RBC Capital Markets, LLC
    
 
   UBS Securities LLC
    
 
   Mitsubishi UFJ Securities (USA), Inc.
    
 
   U.S. Bancorp Investments, Inc.    
 
*   Note: A securities rating is not a recommendation to buy, sell or hold a security and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a base prospectus and a prospectus supplement) with the U.S. Securities and Exchange Commission, or the 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’s online database (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 RBS Securities Inc. at (866) 884-2071, Credit Suisse Securities (USA) LLC at (800) 221-1037, SunTrust Robinson Humphrey, Inc. at (800) 685-4786, BNP Paribas Securities Corp. at (800) 854-5674 and Deutsche Bank Securities Inc. at (800) 503-4611.