Energy Transfer completed a $3 billion bond offering to fund natural gas infrastructure projects aimed at data centers. The notes have maturities spanning to 2056 with coupons between 4.55% and 6.3%. This helps fund their $5-5.5 billion capex program without relying on equity, though it adds to the debt load. Management needs to maintain distribution growth while dealing with thin interest coverage. Community fair value estimates vary widely from roughly $16 to $39 per unit.