Enterprise Prices $1.25 Billion of Senior Unsecured Notes
April 04 2016 - 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 $1.25 billion of senior
unsecured notes comprised of $575 million due April 15, 2021
(“Senior Notes RR”), $575 million due February 15, 2027 (“Senior
Notes SS”), and $100 million due May 15, 2046 (“Reopened Senior
Notes QQ”). We expect to use the net proceeds of this offering for
the repayment of debt, including the repayment of amounts
outstanding under our commercial paper program (which we used to
repay amounts outstanding on the maturity of EPO’s $750 million
principal amount of Senior Notes AA due February 2016), and for
general company purposes.
Senior Notes RR will be issued at 99.898 percent of their
principal amount and will have a fixed-rate interest coupon of 2.85
percent. Senior Notes SS will be issued at 99.760 percent of their
principal amount and will have a fixed-rate interest coupon of 3.95
percent. The Reopened Senior Notes QQ, which have a fixed-rate
interest coupon of 4.90 percent, will be issued at 95.516 percent
of their principal amount and will have identical terms, be
fungible with and be a part of a single series of senior debt
securities together with the $875 million of Senior Notes QQ issued
on May 7, 2015. The expected settlement date for the offering is
April 13, 2016. Enterprise Products Partners L.P. will guarantee
the senior notes through an unconditional guarantee on an unsecured
and unsubordinated basis.
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., DNB Markets, Inc., and Scotia Capital (USA) 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 J.P. Morgan Securities LLC at
(212) 834-4533, Merrill Lynch, Pierce, Fenner & Smith
Incorporated at (800) 294-1322, or Citigroup Global Markets Inc. at
(800) 831-9146.
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 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. The partnership’s
assets include approximately 49,000 miles of pipelines; 250 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 billion cubic feet of natural gas
storage capacity.
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version on businesswire.com: http://www.businesswire.com/news/home/20160404006615/en/
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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