Enterprise ProductsPartners LP said that its subsidiary Enterprise Products Operating LLC has priced its public offeringof $1.25 billion of senior unsecured notes.
The offering is comprised of $575 million of senior notes dueApril 15, 2021, $575 million of senior notes due Feb. 15, 2027, and $100 millionof senior notes due May 15, 2046, according to the partnership's April 4 news release.The offering has an expected settlement date of April 13.
The senior notes due in 2021 will be issued at 99.898% of theirprincipal amount and will have a fixed-rate interest coupon of 2.85%. The seniornotes due in 2027 will be issued at 99.760% of their principal amount and will havea fixed-rate interest coupon of 3.95%. The senior notes due in 2046 will be issuedat 95.516% of their principal amount and have a fixed-rate interest coupon of 4.90%.
The notes due in 2046 will have identical terms, be fungiblewith and be a part of a single series of senior debt securities together with the$875 million of senior notes QQ issued on May 7, 2015, Enterprise said.
Enterprise Products expect to use the net proceeds from the offeringfor the repayment of debt, including the repayment of amounts outstanding underits commercial paper program, and for general company purposes.
J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner &Smith Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., DNB Markets,Inc., and Scotia Capital (USA) Inc. acted as joint book-running managers for theoffering.