Enterprise Prices $2 Billion of Senior Unsecured Notes
06 February 2014 - 8:22AM
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 billion of senior
unsecured notes comprised of $850 million due on February 15, 2024
(“Senior Notes JJ”) and $1.15 billion due on February 15, 2045
(“Senior Notes KK”). We expect to use the net proceeds of this
offering for the repayment of debt, including the repayment of
amounts outstanding under our multi-year revolving credit facility,
364-day credit agreement or commercial paper program (which we used
to repay amounts outstanding on the maturity of our $500.0 million
principal amount of Senior Notes O due January 2014) and for
general company purposes.
The Senior Notes JJ will be issued at 99.811 percent of their
principal amount and will have a fixed-rate interest coupon of 3.90
percent, and the Senior Notes KK will be issued at 99.845 percent
of their principal amount and will have a fixed-rate interest
coupon of 5.10 percent. The expected settlement date for the
offering is February 12, 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., Barclays Capital Inc., Credit
Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.,
Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc.,
RBC Capital Markets, LLC and SunTrust Robinson Humphrey, 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 Citigroup Global Markets Inc. at (800)
831-9146, Barclays Capital Inc. at (888) 603-5847, Deutsche Bank
Securities Inc. at (800) 503-4611, and Mizuho Securities USA Inc.
at (866) 271-7403.
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 (including liquefied
petroleum gas or LPG); crude oil gathering, transportation, storage
and terminals; offshore production platforms; petrochemical and
refined products 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; 200 million barrels of storage
capacity for NGLs, petrochemicals, refined products and crude oil;
and 14 billion cubic feet of natural gas storage capacity.
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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