New Issue: Enterprise Products sells $750 million 4.85% 30-year bonds at Treasuries plus 175 bps

By Andrea Heisinger

New York, Feb. 8 - Enterprise Products Operating LLC sold $750 million of 4.85% 30-year senior bonds on Wednesday to yield Treasuries plus 175 basis points, an informed source said.

The deal was sold tighter than talk, which was in the 200 bps area, the source said.

The bonds (Baa2/BBB/BBB-) were sold at 99.542 to yield 4.879%. There is a make-whole call at Treasuries plus 30 bps until Feb. 15, 2042 and a par call after that date.

Active bookrunners were J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities LLC. Passive bookrunners were DnB NOR Markets Inc., RBC Capital Markets LLC and Scotia Capital (USA) Inc.

Co-managers were Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, ING Financial Markets LLC and U.S. Bancorp Investments Inc.

Proceeds are being used to temporarily reduce borrowings under a multi-year revolving credit facility and for general corporate purposes.

The bonds are guaranteed by Enterprise Products Partners, LP.

The midstream energy company is based in Houston.

Issuer:	Enterprise Products Operating LLC
Guarantor:	Enterprise Products Partners, LP
Issue:	Senior notes
Amount:	$750 million
Maturity:	Aug. 15, 2042
Bookrunners:	J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC (active), DnB NOR Markets Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc. (passive)
Co-managers:	Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, ING Financial Markets LLC, U.S. Bancorp Investments Inc.
Coupon:	4.85%
Price:	99.542
Yield:	4.879%
Spread:	Treasuries plus 175 bps
Call:	Make-whole at Treasuries plus 30 bps until Feb. 15, 2042, after at par
Trade date:	Feb. 8
Settlement date:	Feb. 15
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB
	Fitch: BBB-
Price talk:	200 bps area

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