Enterprise Products prices $1.25 billion senior unsecured notes

Enterprise Products prices $1.25 billion of senior unsecured notes

11:35 AM, 5th April 2016
Enterprise Products prices $1.25 billion of senior unsecured notes

HOUSTON, US: Enterprise Products Partners LP said that its operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering of $1.25 billion of senior unsecured notes comprised of $575 million due 15 April, 2021, $575 million due 15 February, 2027 and $100 million due 15 May, 2046.

The company expects to use the net proceeds of this offering for the repayment of debt, including the repayment of amounts outstanding under the commercial paper programme (which it used to repay amounts outstanding on the maturity of EPO’s $750 million principal amount of senior notes AA due February), and for general company purposes.

Senior notes RR will be issued at 99.898 percent of their principal amount and will have a fixed-rate interest coupon of 2.85 percent. Senior notes SS will be issued at 99.760 percent of their principal amount and will have a fixed-rate interest coupon of 3.95 percent. The reopened senior notes QQ, which has a fixed-rate interest coupon of 4.90 percent, will be issued at 95.516 percent of their principal amount and will have identical terms, be fungible with and be a part of a single series of senior debt securities together with the $875 million of senior notes QQ issued on 7 May, 2015. The expected settlement date for the offering is 13 April.

JP Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc, Citigroup Global Markets Inc, Deutsche Bank Securities Inc, DNB Markets Inc and Scotia Capital (USA) Inc acted as joint book-running managers for the offering.

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