Enterprise Products Operating LLC, a subsidiary of Enterprise Products Partners LP (NYSE: EPD), priced a public offering of $2 billion in senior unsecured notes, the company said Feb. 5. The notes’ total worth is split between $850 million “JJ” notes due Feb. 15, 2024 and $1.15 billion “KK” notes due the same day in 2045, the company added.
Net proceeds will repay debt, including outstanding amounts under revolving credit, the 364-day credit agreement or commercial paper program, the company said. Proceeds will also go toward general purposes, the company said.
The “JJ” notes will be issued at 99.811% of principal amount with a fixed-rate interest coupon of 3.90 percent, the company said. The “KK” notes will be issued at 99.845% of principal amount with a fixed-rate interest coupon of 5.10%, the company added.
The offering is scheduled for settlement Feb. 12, the company said.
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. were joint book-running managers, the company said.
Houston-based Enterprise Products Partners LP is a publicly traded partnership providing energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, and other products.
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