Enterprise to conduct two-tranche notes sale, including add-on

By Devika Patel

Knoxville, Tenn., July 30 – Enterprise Products Operating LLC will price a two-part offering of fixed-rate senior notes, including an add-on to its 2.8% notes due Jan. 31, 2030 and a new note, according to a 424B3 filing with the Securities and Exchange Commission.

The company issued $1 billion of the 2.8% notes at 99.921 to yield 2.809%, or Treasuries plus 100 basis points, on Jan. 15 in a sale that priced on Jan. 6.

The 2.8% notes have a make-whole call until Oct. 31, 2029 at a price equal to the greater of par or Treasuries plus 15 bps and then a par call; the new notes have a make-whole call and then a par call.

The notes are unconditionally guaranteed by parent company Enterprise Products Partners LP.

J.P. Morgan Securities LLC, Mizuho Securities USA Inc., MUFG and Scotia Capital (USA) Inc. are the bookrunners.

Proceeds will be used for general company purposes and debt repayment.

The midstream energy services provider is based in Houston.

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