Enterprise Announces Notice of Redemption of 7.034% Fixed/Floating Rate Junior Subordinated Notes Due 2068
February 01 2018 - 5:30PM
Business Wire
Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD)
today announced that its operating subsidiary, Enterprise Products
Operating LLC (“EPO”), has notified its trustee and paying agent to
redeem all of the $682.7 million outstanding aggregate principal
amount of EPO’s 7.034% Fixed/Floating Rate Junior Subordinated
Notes due 2068 (CUSIP No. 293791AW9) (the “7.034% Subordinated
Notes”). Enterprise anticipates that the 7.034% Subordinated Notes
will be redeemed on or about March 5, 2018 (the “Redemption Date”),
in accordance with the terms of the 7.034% Subordinated Notes, at a
price equal to 100% of principal amount of the notes being
redeemed, plus all accrued and unpaid interest thereon to, but not
including, the Redemption Date.
The redemption of the 7.034% Subordinated Notes will be financed
by proceeds from the offering by EPO of $700 million principal
amount of 5.375% Junior Subordinated Notes F due February 15, 2078
(the “5.375% Subordinated Notes”), to be issued by EPO, as
announced on February 1, 2018. The redemption of the 7.034%
Subordinated Notes and the issuance of the 5.375% Subordinated
Notes will result in annual interest savings to Enterprise of $11.3
million.
This press release is not an offer to sell or a solicitation of
an offer to buy any securities.
Company Information and Use of
Forward-Looking Statements
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 export and import terminals; crude oil gathering,
transportation, storage and export and import terminals;
petrochemical and refined products transportation, storage, export
and import terminals and related services; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 50,000 miles of pipelines; 260 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 Bcf of natural gas storage capacity.
This press release includes forward-looking statements. Except
for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that
involve certain risks and uncertainties, such as the partnership’s
expectations regarding future results, capital expenditures,
project completions, liquidity and financial market conditions.
These risks and uncertainties include, among other things,
insufficient cash from operations, adverse market conditions,
governmental regulations and other factors discussed in
Enterprise’s filings with the U.S. Securities and Exchange
Commission. If any of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those expected. The partnership
disclaims any intention or obligation to update publicly or reverse
such 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/20180201006650/en/
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812Vice President, Investor RelationsorRick Rainey, (713)
381-3635Vice President, Media Relations
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