Enterprise Prices $1.75 Billion of Senior Unsecured Notes
Enterprise Products Partners L.P. (NYSE: EPD) today announced that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), has priced a public offering of $1.75 billion of senior unsecured notes comprised of $650 million due on August 13, 2015 (“Senior Notes FF”) and $1.1 billion due on February 15, 2043 (“Senior Notes GG,” and together with the Senior Notes FF, the “senior notes”). Net proceeds from the offering are expected to be used to temporarily reduce borrowings under EPO's multi-year revolving credit facility, which EPO used to repay amounts due upon the maturity of its $500 million principal amount of Senior Notes P on August 1, 2012 and for general company purposes.
The Senior Notes FF will be issued at 99.941 percent of their principal amount and will have a fixed-rate interest coupon of 1.25 percent, and the Senior Notes GG will be issued at 99.470 percent of their principal amount and will have a fixed-rate interest coupon of 4.45 percent. The expected settlement date for the offering is August 13, 2012. Enterprise Products Partners L.P. will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.
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