Enterprise Prices $1.75 Billion Aggregate Principal Amount of Senior Notes
January 03 2023 - 7:57PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”)
today announced that its operating subsidiary, Enterprise Products
Operating LLC (“EPO”), has priced a public offering of $1.75
billion aggregate principal amount of notes comprised of (i) $750
million principal amount of senior notes due January 10, 2026
(“Senior Notes FFF”), and (ii) $1.0 billion principal amount of
senior notes due January 31, 2033 (“Senior Notes GGG”).
Enterprise expects to use the net proceeds of this offering for
(i) general company purposes, including for growth capital
investments, and (ii) the repayment of debt (including the
repayment of all or a portion of its $1.25 billion principal amount
of 3.35% Senior Notes HH due 2023 at their maturity in March 2023
and amounts outstanding under its commercial paper program).
Senior Notes FFF will be issued at 99.893% of their principal
amount and will have a fixed-rate interest coupon of 5.05%. Senior
Notes GGG will be issued at 99.803% of their principal amount and
will have a fixed-rate interest coupon of 5.35%. Enterprise
Products Partners L.P. will guarantee the senior notes through an
unconditional guarantee on an unsecured and unsubordinated basis.
Settlement of the offering is expected to occur on January 10,
2023.
J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan
Stanley & Co. LLC and RBC Capital Markets, LLC acted as joint
book-running managers for the offering. An investor may obtain a
free copy of the prospectus as supplemented for the offering by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
EPO 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, BofA Securities, Inc. at (800) 294-1322, Morgan Stanley
& Co. LLC at (866) 718-1649, or RBC Capital Markets, LLC at
(866) 375-6829.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described in this
press release, nor shall there be any sale of these securities 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. Services
include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and marine terminals; crude oil gathering, transportation,
storage and marine terminals; petrochemical and refined products
transportation, storage, and marine terminals and related services;
and a marine transportation business that operates on key United
States inland and intracoastal waterway systems. The partnership’s
assets include more than 50,000 miles of pipelines; over 260
million barrels of storage capacity for NGLs, crude oil, refined
products and petrochemicals; and 14 Bcf of natural gas storage
capacity.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230103005853/en/
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866)
230-0745, rburkhalter@eprod.com Rick Rainey, Media Relations, (713)
381-3635, rrainey@eprod.com
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Apr 2023 to Apr 2024