Enterprise Products Partners L.P. (NYSE: EPD) today announced that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), has priced a public offering of $2 billion of senior unsecured notes comprised of $850 million due on February 15, 2024 (“Senior Notes JJ”) and $1.15 billion due on February 15, 2045 (“Senior Notes KK”). We expect to use the net proceeds of this offering for the repayment of debt, including the repayment of amounts outstanding under our multi-year revolving credit facility, 364-day credit agreement or commercial paper program (which we used to repay amounts outstanding on the maturity of our $500.0 million principal amount of Senior Notes O due January 2014) and for general company purposes.
The Senior Notes JJ will be issued at 99.811 percent of their principal amount and will have a fixed-rate interest coupon of 3.90 percent, and the Senior Notes KK will be issued at 99.845 percent of their principal amount and will have a fixed-rate interest coupon of 5.10 percent. The expected settlement date for the offering is February 12, 2014. Enterprise Products Partners L.P. will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.
Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. acted as joint book-running managers for the offering. An investor may obtain a free copy of the prospectus as supplemented by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer or any underwriter or dealer participating in this offering will arrange to send a prospectus as supplemented to an investor if requested by contacting Citigroup Global Markets Inc. at (800) 831-9146, Barclays Capital Inc. at (888) 603-5847, Deutsche Bank Securities Inc. at (800) 503-4611, and Mizuho Securities USA Inc. at (866) 271-7403.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the senior notes described in this press release, nor shall there be any sale of these notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement, which are part of an effective registration statement.