Enterprise Products Completes Public Offering Of Junior Subordinated Notes D, Due 2077 For US$700 Million

Published: Aug 07 2017
Deal Summary

Enterprise Products Operating LLC, a midstream energy services company and a subsidiary of Enterprise Products Partners L.P., completed the public offering of Junior Subordinated Notes D, due August 16, 2077, for gross proceeds of US$700 million (MM). The notes are priced at 100% of the principal amount.

The notes bear an interest rate of 4.875% during the fixed rate period, interest will be paid semi-annually in arrears on February 16 and August 16 of each year, commencing from February 16, 2018. The notes bear an interest rate of 3-month LIBOR, plus 298.6 basis points, reset quarterly during the floating rate period, interest will be payable quarterly in arrears on February 16, May 16, August 16 and November 16 of each year, commencing from November 16, 2022.

Citigroup Global Markets Inc., Barclays Capital Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., and Wells Fargo Securities acted as book running managers, LLC, while BBVA Securities Inc., Deutsche Bank Securities Inc., DNB Markets, Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, and TD Securities (USA) LLC acted as Joint underwriters to the company for the offering. Vinson & Elkins LLP and Andrews Kurth Kenyon LLP acted as legal advisors to the company for the offering.

The company intends to use the proceeds from the offering to repay the existing debt and for general corporate purposes.

Deal history

Completed: On August 16, 2017, Enterprise Products completed public offering of Junior Subordinated Notes D, due August 16, 2077, for gross proceeds of US$700 MM.

Pricing/Filing: On August 7, 2017, Enterprise Products priced the public offering of Junior Subordinated Notes D, due August 16, 2077, for gross proceeds of US$700 MM.

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