Enterprise Products gets $1.5 billion 364-day revolving loan

By Wendy Van Sickle

Columbus, Ohio, Sept. 11 – Enterprise Products Partners LP operating subsidiary Enterprise Products Operating LLC entered into a $1.5 billion 364-day revolving credit agreement on Friday with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, NA is the lead arranger and bookrunner.

JPMorgan, MUFG, Mizuho, Truist Bank and Wells Fargo Bank, NA are co-syndication agents.

Bank of Nova Scotia, Houston Branch, Barclays Bank plc, Royal Bank of Canada, Sumitomo Mitsui Banking Corp. and Toronto-Dominion Bank, New York Branch are the co-documentation agents.

Borrowings bear interest at Libor plus 90 basis points to 142.5 bps, and the facility fee ranges from 10 bps to 20 bps, in each case based on debt ratings.

The revolver may be increased by up to $200 million. It replaces the company’s $1.5 billion 364-day revolver that was due to mature on Sept. 8.

The borrower may, between 15 and 60 days prior to the maturity date, elect to have the principal balance then outstanding continued as non-revolving term loans for a period of one additional year.

Proceeds may be used for working capital, capital expenditures, acquisitions and other company purposes.

The midstream energy services provider is based in Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.