Enterprise Products talks $1 billion notes in 160 bps spread area

By Rebecca Melvin and Cristal Cody

Concord, N.H., Sept. 7 – Enterprise Products Operating LLC plans to price $1 billion of dollar-denominated senior guaranteed notes, according to a 424B3 filing with the Securities and Exchange Commission on Tuesday.

The notes will have a Feb. 15, 2053 maturity date and are being talked in the Treasuries plus 160 basis points area, according to details provided by a market source.

The notes are unconditionally guaranteed by Enterprise Products Partners LP.

Bookrunners are Citigroup Global Markets Inc., Deutsche Bank Securities Inc., SG Americas Securities LLC and U.S. Bancorp Investments Inc.

The notes will have a make-whole call and a par call.

The proceeds will be used for general corporate purposes, including growth capital investments, and repayment of debt, including a portion of its $750 million principal amount of 3.5% senior notes series VV due 2022 and/or a portion of its $650 million principal amount of 4.05% senior notes series CC due 2022, both due in February.

The midstream energy services provider is based in Houston.

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