Summary
Enterprise Products Partners L.P. (EPD) announced the public offering of $2.5 billion in aggregate principal amount of senior notes through its subsidiary, Enterprise Products Operating LLC (EPO). The offering comprises $1.25 billion of 3.125% senior notes due 2029 and $1.25 billion of 4.200% senior notes due 2050. The notes are guaranteed by the Partnership on an unsecured and unsubordinated basis. The closing of this issuance is expected on July 8, 2019. This debt issuance is primarily intended to refinance existing debt, including the repayment of commercial paper and $800 million of Senior Notes LL maturing in October 2019. A portion of the proceeds will also be allocated to general corporate purposes, including organic growth capital expenditures. The company has also filed a corresponding press release detailing this offering.
Key Highlights
- 1EPD is issuing $2.5 billion in new senior notes through its subsidiary EPO.
- 2The offering includes two tranches: $1.25 billion of 3.125% notes due 2029 and $1.25 billion of 4.200% notes due 2050.
- 3The notes are guaranteed by Enterprise Products Partners L.P.
- 4The primary use of proceeds is to repay existing debt, including $800 million of notes maturing in October 2019.
- 5Net proceeds will also be used for general corporate purposes and organic growth capital expenditures.
- 6The closing of the offering is scheduled for July 8, 2019.