Enterprise Products (EPD) Prices $750M Senior Unsecured Notes Offering
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Enterprise Products Partners L.P. (NYSE: EPD) today announced that its operating subsidiary, Enterprise Products Operating LLC , has priced a public offering of $750 million of senior unsecured notes due on August 15, 2042. The net proceeds from the offering are expected to be used to temporarily reduce borrowings under EPO’s multi-year revolving credit facility (which we expect to use to repay outstanding amounts on the maturity of our $490.5 million principal amount of 7.625 percent senior notes S due February 2012 and our $9.5 million principal amount of TEPPCO 7.625 percent senior notes due February 2012 prior to the expected delivery of the notes) and for general company purposes.
The August 2042 Notes will be issued at 99.542 percent of their principal amount, and will have a fixed-rate interest coupon of 4.85 percent. The expected settlement date for the offering is February 15, 2012. Enterprise Products Partners L.P. will guarantee the notes through an unconditional guarantee on an unsecured and unsubordinated basis.
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The August 2042 Notes will be issued at 99.542 percent of their principal amount, and will have a fixed-rate interest coupon of 4.85 percent. The expected settlement date for the offering is February 15, 2012. Enterprise Products Partners L.P. will guarantee the notes through an unconditional guarantee on an unsecured and unsubordinated basis.
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