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Enterprise Products Partners Offering $2.5B in Senior Notes


Enterprise Products Partners L.P. announced that its operating subsidiary, Enterprise Products Operating LLC, has priced a public offering of $2.5 billion of senior unsecured notes comprised of $750 million due May 7, 2018, $875 million due February 15, 2026, and $875 million due May 15, 2046.

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.

Announced Date
May 05,2015
Value  ( $MM )
2,500
Type
Debt
Use of Fund
General Purpose
Company
Enterprise Products Partners LP
Underwriter
/Book Runner
Wells Fargo Securities LLC,Barclays Capital,Credit Suisse,Mitsubishi UFJ Securities,Mizuho Bank, Ltd.,RBC Capital Markets,SunTrust Robinson Humphrey,US Bancorp Investments Inc.
Country
United States