Enterprise Prices $1.7 Billion Principal Amount of Junior Subordinated Notes
August 07 2017 - 4:41PM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today announced
that its operating subsidiary, Enterprise Products Operating LLC
(“EPO”), has priced a public offering of two series of junior
subordinated notes comprised of $700 million aggregate principal
amount of Junior Subordinated Notes D due August 16, 2077 (the
“non-call 5 notes”) and $1.0 billion aggregate principal
amount of Junior Subordinated Notes E due August 16, 2077 (the
“non-call 10 notes”). Enterprise Products Partners L.P. will
guarantee both series of junior subordinated notes on a
subordinated, unsecured basis under an unconditional guarantee.
Settlement of this offering is expected to occur on August
16, 2017.
The non-call 5 notes will be redeemable at EPO’s
option, in whole or in part, on one or more occasions, on or after
August 16, 2022 at 100% of their principal amount, plus
any accrued and unpaid interest thereon, and will bear interest at
a fixed rate of 4.875% per year up to, but not including, August
16, 2022. From, and including August 16, 2022, the
non-call 5 notes will bear interest at a floating rate
based on a three-month LIBOR rate plus 298.6 basis points
(2.986%), reset quarterly.
The non-call 10 notes will be redeemable at EPO’s
option, in whole or in part, on one or more occasions, on or after
August 16, 2027 at 100% of their principal amount, plus
any accrued and unpaid interest thereon, and will bear interest at
a fixed rate of 5.25% per year up to, but not including, August
16, 2027. From, and including August 16, 2027, the
non-call 10 notes will bear interest at a floating rate
based on a three-month LIBOR rate plus 303.3 basis points
(3.033%), reset quarterly.
Citigroup Global Markets Inc., Barclays Capital Inc., Mizuho
Securities USA LLC and MUFG Securities Americas Inc. acted as joint
book-running managers for the offering. An investor may obtain a
free copy of the prospectus as supplemented by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, EPO or any
underwriter or dealer participating in this offering will arrange
to send a prospectus as supplemented to an investor if requested by
contacting Citigroup Global Markets Inc. at (800) 831-9146,
Barclays Capital Inc. at (888) 603-5847, Mizuho Securities USA LLC
at (866) 271-7403, or MUFG Securities Americas Inc. at (877)
649-6848.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described in this
press release, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. The offering is being
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 gathering,
transportation, storage and terminals; petrochemical and refined
products transportation, storage and terminals; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. Our assets include
approximately 50,000 miles of pipelines; 260 million barrels of
storage capacity for NGLs, crude oil, refined products and
petrochemicals; and 14 billion cubic feet of natural gas storage
capacity.
This press release includes “forward-looking statements” as
defined by the United States Securities and Exchange Commission.
All statements, other than statements of historical fact, included
herein that address activities, events, developments or
transactions that we 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. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Except as required by law, we do not intend
to update or revise our forward-looking statements, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170807006011/en/
Enterprise Products Partners L.P.Investor RelationsRandy
Burkhalter, 713-381-6812 or 866-230-0745orMedia RelationsRick
Rainey, 713-381-3635
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