8-KMaterial AgreementsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Material Agreement (Jun 12, 2018)

Filed June 12, 2018For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K report on June 11, 2018, detailing an amendment to a prior agreement. Specifically, Amendment No. 1 to the Contribution and Purchase Agreement, dated June 6, 2018, has terminated certain rights previously held by Marquard & Bahls, AG (M&B) and its affiliates. This amendment primarily affects Section 5.11 of the original Purchase Agreement, which governed M&B's right to maintain a designee on the board of directors of EPD's General Partner. The termination of these rights signifies a change in the governance arrangement related to the acquisition of a controlling interest in Oiltanking Partners, L.P. Investors should note this amendment as it alters the board composition rights stemming from a significant past transaction.

Key Highlights

  • 1EPD entered into Amendment No. 1 to the Contribution and Purchase Agreement on June 6, 2018.
  • 2The amendment modifies the terms of the 2014 agreement concerning the acquisition of a controlling interest in Oiltanking Partners, L.P.
  • 3Marquard & Bahls, AG (M&B) and its affiliates have had their rights terminated under Section 5.11 of the original Purchase Agreement.
  • 4Specifically, M&B's right to maintain a designee on the board of directors of EPD's General Partner has been extinguished.
  • 5This amendment effectively removes a governance right previously held by M&B related to the Oiltanking acquisition.
  • 6The filing includes Exhibit 2.2, which is the text of Amendment No. 1 to the Purchase Agreement.

Frequently Asked Questions

The main purpose of this 8-K filing is to report on the entry into Amendment No. 1 to the Contribution and Purchase Agreement, which modifies rights related to the acquisition of Oiltanking Partners, L.P.

The amendment has terminated the right of Marquard & Bahls, AG (M&B) and its affiliates to maintain a designee on the board of directors of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P.

This filing specifically addresses governance rights and not the ownership structure of Oiltanking Partners, L.P. The original agreement for the controlling interest acquisition remains in place, but the board representation rights associated with it have been altered.

Marquard & Bahls, AG is a German company that was involved in the original acquisition of a controlling interest in Oiltanking Partners, L.P. by EPD. This amendment relates to their rights stemming from that transaction.