HOUSTON, US: Enterprise Products Partners LP’s operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering of $650 million of senior unsecured notes due on February 15, 2022 and $600 million of senior unsecured notes due on February 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 and for general company purposes.

The February 2022 notes will be issued at 99.790 per cent of their principal amount, and will have a fixed-rate interest coupon of 4.05 per cent. The February 2042 notes will be issued at 99.887 per cent of their principal amount, and will have a fixed-rate interest coupon of 5.70 per cent. The expected settlement date for the offering is August 24, 2011. Enterprise Products Partners LP will guarantee the notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Barclays Capital Inc, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc, Mizuho Securities USA Inc, SunTrust Robinson Humphrey Inc and Wells Fargo Securities, LLC acted as joint book-running managers for the offering.

(C) WOC News