Enterprise Prices $2.75 Billion of Senior Unsecured Notes
October 02 2014 - 04:28PM
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 $2.75 billion of senior
unsecured notes comprised of $800 million due on October 15, 2019
(“Senior Notes LL”), $1.15 billion due on February 15, 2025
(“Senior Notes MM”), $400 million due on March 15, 2044 (reopened
“Senior Notes II”), and $400 million due on October 15, 2054
(“Senior Notes NN”). We expect to use the net proceeds of this
offering for the repayment of debt, including (i) the repayment of
amounts outstanding under our 364-day credit agreement or
commercial paper program and (ii) the repayment of amounts
outstanding on the maturity of EPO’s $650.0 million principal
amount of Senior Notes G due October 15, 2014, and for general
company purposes.
The Senior Notes LL will be issued at 99.981 percent of their
principal amount and will have a fixed-rate interest coupon of 2.55
percent. The Senior Notes MM will be issued at 99.681 percent of
their principal amount and will have a fixed-rate interest coupon
of 3.75 percent. The reopened Senior Notes II will have identical
terms, be fungible with and be a part of a single series of senior
debt securities together with the $1 billion of Senior Notes II
issued on March 18, 2013. The Senior Notes II will be issued at
100.836 percent of their principal amount and will have a
fixed-rate interest coupon of 4.85 percent. The Senior Notes NN
will be issued at 98.356 percent of their principal amount and will
have a fixed-rate interest coupon of 4.95 percent. The expected
settlement date for the offering is October 14, 2014. Enterprise
Products Partners L.P. will guarantee the senior notes through an
unconditional guarantee on an unsecured and unsubordinated
basis.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities
LLC, Morgan Stanley, RBS Securities Inc., Scotiabank and UBS
Investment Bank 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 Citigroup
Global Markets Inc. at (800) 831-9146, Merrill Lynch, Pierce,
Fenner & Smith Incorporated at (800) 294-1322 or J.P. Morgan
Securities LLC at (212) 834-4533.
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.
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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