Enterprise Prices $2.5 Billion of Senior Unsecured Notes
May 04 2015 - 4:50PM
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 $2.5 billion of senior
unsecured notes comprised of $750 million due May 7, 2018 (“Senior
Notes OO”), $875 million due February 15, 2026 (“Senior Notes PP”),
and $875 million due May 15, 2046 (“Senior Notes QQ”). We expect to
use the net proceeds of this offering for the repayment of debt,
including (i) the repayment of amounts outstanding under our
commercial paper program (which we used to repay amounts
outstanding on the maturity of EPO’s $250 million principal amount
of Senior Notes I due March 2015) and (ii) the repayment of amounts
outstanding on the maturity of EPO’s $400 million principal amount
of Senior Notes X due June 2015, and for general company
purposes.
Senior Notes OO will be issued at 99.881 percent of their
principal amount and will have a fixed-rate interest coupon of 1.65
percent. Senior Notes PP will be issued at 99.635 percent of their
principal amount and will have a fixed-rate interest coupon of 3.70
percent. Senior Notes QQ will be issued at 99.635 percent of their
principal amount and will have a fixed-rate interest coupon of 4.90
percent. The expected settlement date for the offering is May 7,
2015. Enterprise Products Partners L.P. will guarantee the senior
notes through an unconditional guarantee on an unsecured and
unsubordinated basis.
Wells Fargo Securities, LLC, Barclays Capital Inc., Credit
Suisse Securities (USA) LLC, Mitsubishi UFJ Securities (USA), Inc.,
Mizuho Securities USA Inc., RBC Capital Markets, LLC, SunTrust
Robinson Humphrey, Inc., and U.S. Bancorp Investments, 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, the issuer
or any underwriter or dealer participating in this offering will
arrange to send a prospectus as supplemented to an investor if
requested by contacting Wells Fargo Securities, LLC at (800)
645-3751, Barclays Capital Inc. at (888) 603-5847, Mitsubishi UFJ
Securities (USA), Inc. at (877) 649-6848, or RBC Capital Markets,
LLC at (866) 375-6829.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the senior notes described in this
press release, nor shall there be any sale of these notes 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 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 51,000 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.
Enterprise Products Partners L.P.Investor Relations:Randy
Burkhalter, 713-381-6812 or 866-230-0745orMedia Relations:Rick
Rainey, 713-381-3635
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