Affiliate of Enterprise’s General Partner Purchases $100 Million of Enterprise Common Units
March 16 2015 - 9:03AM
Business Wire
Enterprise Products Partners L.P. (“Enterprise” NYSE: EPD)
announced today that an affiliate of its general partner, which is
owned by privately held Enterprise Products Company (“EPCO”),
purchased 3,225,057 Enterprise common units for approximately $100
million, or $31.01 per unit. The purchase was executed through
Enterprise’s at-the-market (“ATM”) equity issuance program. EPCO
and its affiliates own approximately 35 percent of Enterprise’s
common units, inclusive of this purchase. Enterprise will use the
proceeds from this transaction to fund a portion of its growth
capital investments and for general company purposes.
“EPCO and our general partner have consistently been supportive
in the growth of our partnership,” said Michael A. Creel, chief
executive officer of Enterprise’s general partner. “Since 2010,
inclusive of this investment, EPCO has purchased more than $500
million of our common units directly from the partnership to
provide capital for our investments in energy infrastructure.”
“EPCO is pleased to increase our investment in Enterprise during
this period of market volatility,” stated Randa Duncan Williams,
chairman of EPCO. “We believe in Enterprise’s attractive long-term
growth prospects and take comfort in its financial stability
through its distribution coverage and strong balance sheet.”
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the common units described herein
or any other securities. The purchase and sale described above were
made only by means of a prospectus and related prospectus
supplement, which are part of an effective registration
statement.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil and refined
products transportation, storage and terminals; offshore production
platforms; petrochemical transportation and services; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems and in the Gulf of
Mexico. The partnership’s assets include approximately 51,300 miles
of onshore and offshore pipelines; 225 million barrels of storage
capacity for NGLs, crude oil, refined products and petrochemicals;
and 14 billion cubic feet of natural gas storage capacity.
Additional information regarding Enterprise can be found on its
website, www.enterpriseproducts.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Enterprise Products Partners L.P.Randy Burkhalter, 713-381-6812
or 866-230-0745Investor RelationsorRick Rainey, 713-381-3635Media
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