Summary
Enterprise Products Partners L.P. (EPD) announced on August 8, 2024, the successful completion of a public offering of $2.5 billion in aggregate principal amount of senior notes. This offering consists of $1.1 billion of 4.95% senior notes due 2035 and $1.4 billion of 5.55% senior notes due 2055. These notes are guaranteed on an unsecured and unsubordinated basis by EPD and were issued by its subsidiary, Enterprise Products Operating LLC (EPO). The issuance aims to bolster the company's capital structure and potentially refinance existing debt or fund growth initiatives. The senior notes have varying maturity dates and interest rates, with provisions for early redemption, including call options at par after specific dates. Investors should note that the details of these notes and their terms are further described in the company's prior SEC filings, referenced in this report.
Key Highlights
- 1EPD completed a $2.5 billion public offering of senior notes.
- 2The offering includes $1.1 billion in 4.95% notes due 2035 and $1.4 billion in 5.55% notes due 2055.
- 3The notes are issued by subsidiary EPO and guaranteed by EPD.
- 4The 2035 notes carry a coupon of 4.95% and mature on February 15, 2035.
- 5The 2055 notes carry a coupon of 5.55% and mature on February 16, 2055.
- 6The notes include provisions for early redemption, including make-whole premiums and par call options.
- 7This issuance was registered under a Form S-3 and supplemented by a Prospectus Supplement.