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Enterprise to redeem $682.7M of 7.034% notes, sell $2.7B of new debt securities

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Enterprise to redeem $682.7M of 7.034% notes, sell $2.7B of new debt securities

Enterprise Products Operating LLC plans to redeem all of its $682.7 million of 7.034% fixed/floating rate junior subordinated notes due 2068 and issue $2.7 billion of new debt securities.

The Enterprise Products Partners LP operating subsidiary will redeem the notes on March 5 for 100% of the principal amount plus accrued and unpaid interest, according to a Feb. 1 news release.

Separately, the company launched public offerings for $2.7 billion of notes, composed of $750 million of senior notes due Feb. 15, 2021; $1.25 billion of senior notes due Feb. 15, 2048; and $700 million of junior subordinated notes due Feb. 15, 2078. Part of the proceeds would be used to fund its repurchase of junior subordinated notes, while the rest would be used to pay down debt and for general company purposes.

The 2021 notes were priced at 99.946% of their principal amount, while the 2048 notes will be issued at 99.865%. The junior subordinated notes in the offering will be redeemable by Feb. 15, 2028, at 100% of their principal amount. The offerings are scheduled to close on Feb. 15.

Enterprise provides gathering, processing, transportation and storage services for natural gas, NGL, crude oil and refined products.