Enterprise Products Partners LP (EPD) said that its operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering of two series of junior subordinated notes comprised of $700 million aggregate principal amount of junior subordinated notes D due 16 August 2077 (non-call 5 notes) and $1.0 billion aggregate principal amount of junior subordinated notes E due 16 August 2077 (non-call 10 notes).
EPD will guarantee both series of junior subordinated notes on a subordinated, unsecured basis under an unconditional guarantee. Settlement of this offering is expected to occur on 16 August 2017.
The non-call 5 notes will be redeemable at EPO’s option, in whole or in part, on one or more occasions, on or after August 16, 2022 at 100 percent of their principal amount, plus any accrued and unpaid interest thereon, and will bear interest at a fixed rate of 4.875% percent per year up to, but not including, August 16, 2022. From, and including August 16, 2022, the non-call 5 notes will bear interest at a floating rate based on a three-month LIBOR rate plus 298.6 basis points (2.986 percent), reset quarterly.
Enterprise Products Partners LP (EPD) said that its operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering of two series of junior subordinated notes comprised of $700 million aggregate principal amount of junior subordinated notes D due 16 August 2077 (non-call 5 notes) and $1.0 billion aggregate principal amount of junior subordinated notes E due 16 August 2077 (non-call 10 notes).
EPD will guarantee both series of junior subordinated notes on a subordinated, unsecured basis under an unconditional guarantee. Settlement of this offering is expected to occur on 16 August 2017.
The non-call 5 notes will be redeemable at EPO’s option, in whole or in part, on one or more occasions, on or after August 16, 2022 at 100 percent of their principal amount, plus any accrued and unpaid interest thereon, and will bear interest at a fixed rate of 4.875% percent per year up to, but not including, August 16, 2022. From, and including August 16, 2022, the non-call 5 notes will bear interest at a floating rate based on a three-month LIBOR rate plus 298.6 basis points (2.986 percent), reset quarterly.
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