Summary
Enterprise Products Partners L.P. (EPD) announced an $800 million public offering of 6.300% Senior Notes due 2017 through its subsidiary, Enterprise Products Operating LLC. These notes are guaranteed by the Partnership, providing an unsecured and unsubordinated claim. The offering is being conducted under a standard underwriting agreement with key financial institutions, with closing expected on September 4, 2007. This financing activity indicates the company's continued access to capital markets to support its operations and growth. Investors should note the specific interest rate and maturity of the notes, as well as the guarantee provided by the parent partnership, which strengthens the credit profile of the debt issuance.
Key Highlights
- 1Enterprise Products Partners L.P. (EPD) is issuing $800 million in Senior Notes due 2017.
- 2The notes are issued by subsidiary Enterprise Products Operating LLC.
- 3The notes carry a coupon rate of 6.300%.
- 4Enterprise Products Partners L.P. provides an unsecured and unsubordinated guarantee for the notes.
- 5An underwriting agreement was executed on August 27, 2007, with major underwriters.
- 6Closing of the offering is scheduled for September 4, 2007.
- 7The offering is registered on a Form S-3 registration statement.
Frequently Asked Questions
This Form 8-K filing is to report the material event of entering into an underwriting agreement for the public offering of $800 million of Senior Notes due 2017 by Enterprise Products Operating LLC, with a guarantee from Enterprise Products Partners L.P.
The Senior Notes are principal amount of $800,000,000, have a coupon rate of 6.300%, and mature in 2017. They are guaranteed on an unsecured and unsubordinated basis by Enterprise Products Partners L.P.
The underwriters include Citigroup Global Markets Inc., Banc of America Securities LLC, and Greenwich Capital Markets, Inc., acting as representatives of the several underwriters named in the underwriting agreement.
The closing of the issuance and sale of the Securities (Notes and Guarantee) is scheduled for September 4, 2007.