(Enterprise Products Partners, 5.Jan.2024) — Enterprise Products Partners L.P. (NYSE:EPD) announced that its operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering of $2bn aggregate principal amount of notes comprised of (i) $1bn principal amount of senior notes due 11 Jan. 2027 (“Senior Notes HHH”), and (ii) $1bn principal amount of senior notes due 31 Jan. 2034 (“Senior Notes III”).
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 $850 million principal amount of 3.90% Senior Notes JJ due 2024 at their maturity in Feb. 2024 and amounts outstanding under its commercial paper program).
Senior Notes HHH will be issued at 99.897% of their principal amount and will have a fixed-rate interest coupon of 4.60%. Senior Notes III will be issued at 99.705% of their principal amount and will have a fixed-rate interest coupon of 4.85%. 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 11 Jan. 2024.
MUFG Securities Americas Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., PNC Capital Markets LLC, and TD Securities (USA) 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 MUFG Securities Americas Inc. at (877) 649-6848, Citigroup Global Markets Inc. at (800) 831-9146, Credit Agricole Securities (USA) Inc. at (866) 807-6030, PNC Capital Markets LLC at (855) 881-0697 or TD Securities (USA) LLC at (855) 495-9846.
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