Enterprise Increases Capacity of Bank Credit Facilities by $500 Million to $5.5 Billion
September 16 2015 - 8:00AM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”)
announced today that its operating subsidiary, Enterprise Products
Operating LLC (“EPO”), increased its bank credit facilities by $500
million to provide the company with up to $5.5 billion of aggregate
borrowing capacity. The facilities consist of an amended $4.0
billion multi-year revolving credit agreement that matures in
September 2020 and a new $1.5 billion 364-day revolving credit
agreement, both of which are unconditionally guaranteed by
Enterprise on an unsecured and unsubordinated basis. As of today,
aggregate available borrowing capacity under the increased bank
credit facilities is approximately $4.7 billion.
“Enterprise currently has approximately $8 billion of organic
growth projects under construction that should be completed and
begin generating new sources of cash flow between now and 2017.
This $500 million expansion of our bank credit facilities provides
the partnership additional financial flexibility during this
period. We thank our bank group for their continued support,” said
Michael A. Creel, chief executive officer of Enterprise’s general
partner.
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 gathering,
transportation, storage and terminals; petrochemical and refined
products transportation, storage and terminals; 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 49,000 miles of
pipelines; 225 million barrels of storage capacity for NGLs,
petrochemicals, refined products and crude oil; and 14 billion
cubic feet of natural gas storage capacity.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150916005499/en/
Enterprise Products Partners L.P.Randy Burkhalter, 713-381-6812
or 866-230-0745Investor RelationsorRick Rainey, 713-381-3635Media
Relations
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Apr 2023 to Apr 2024