8-KMaterial AgreementsOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Material Agreement (Aug 13, 2012)

Filed August 13, 2012For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K report on August 13, 2012, to announce the completion of a significant public offering of senior notes. The offering comprised $650 million of 1.25% Senior Notes due 2015 and $1.1 billion of 4.45% Senior Notes due 2043, issued by its subsidiary Enterprise Products Operating LLC (EPO) and guaranteed by EPD. This issuance effectively raised a total of $1.75 billion in long-term debt to fund its operations and growth initiatives. The new debt instruments, which bear interest from August 13, 2012, with semi-annual payments commencing in February 2013, extend the company's maturity profile. The 2015 notes mature in three years, while the 2043 notes provide long-term financing for nearly three decades. The filing also details the terms for early redemption, including a make-whole provision for the longer-dated notes prior to August 2042.

Key Highlights

  • 1EPD completed a public offering of $1.75 billion in senior notes through its subsidiary EPO.
  • 2The offering included $650 million of 1.25% Senior Notes due August 2015.
  • 3The offering also included $1.1 billion of 4.45% Senior Notes due February 2043.
  • 4EPD provided an unsecured and unsubordinated guarantee for the issued notes.
  • 5Interest payments on the notes begin in February 2013, with semi-annual accruals.
  • 6The 2043 notes offer long-term financing, maturing in February 2043.
  • 7The filing includes legal opinions and consents related to the debt issuance.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report the completion of a material definitive agreement, specifically the public offering of $1.75 billion in aggregate principal amount of senior notes by its subsidiary, Enterprise Products Operating LLC (EPO), with Enterprise Products Partners L.P. providing a guarantee.

EPD raised a total of $1.75 billion. This consists of $650 million in 1.25% Senior Notes due August 2015 and $1.1 billion in 4.45% Senior Notes due February 2043. Interest is payable semi-annually starting in February 2013.

The newly issued debt has two distinct maturity dates: the shorter-term notes mature in August 2015, and the longer-term notes mature in February 2043, extending the company's debt maturity profile significantly.

Yes, the notes include provisions for redemption. For the 2015 notes, early redemption is possible before maturity. For the 2043 notes, EPO can redeem them at a premium before August 15, 2042, and at par value on or after August 15, 2042, subject to the terms of the indenture.