Enterprise Products Completes Public Offering Of Subordinated Notes, Due August 2077 For US$1 Billion

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 subordinated notes, due August 16, 2077, for gross proceeds of US$1,000 million (MM). The notes are priced at 100% of principal amount.

The notes carry fixed interest rate of 5.25% up to August 16, 2027 and interest is payable semi-annually in arrears on February 16 and August 16 of every year, commencing from February 16, 2018. From August 16, 2027, the notes will carry floating interest rate of 3-month LIBOR, plus 303.3 basis points, reset quarterly, and interest is payable quarterly in arrears on February 16, May 16, August 16 and November 16 of every year, commencing from November 16, 2027.

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, LLC acted as joint book running managers 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 underwriters to the company for the offering. Andrews Kurth Kenyon LLP acted as legal advisor to the company for the offering.

The company intends to use the net proceeds from the offering to fund the redemption of US$800 MM principal amount of senior notes, due September 2017 at their maturity and redemption prior to maturity of US$700 MM outstanding subordinated notes due August 2066, subordinated notes due January 2068, and subordinated notes due June 2067 and for general corporate purposes.

Deal history

Completed: On August 16, 2017, Enterprise Products completed the public offering of subordinated notes, due August 16, 2077, for gross proceeds of US$1,000 MM.

Pricing/Filing: On August 7, 2017, Enterprise Products priced the public offering of subordinated notes, due August 16, 2077, for gross proceeds of US$1,000 MM.

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