Enterprise Products enters $1.5 billion 364-day credit agreement

By Marisa Wong

Los Angeles, Sept. 6 – Enterprise Products Partners LP operating subsidiary Enterprise Products Operating LLC entered into a 364-day revolving credit agreement on Sept. 6 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company may borrow up to $1.5 billion. The amount may be increased by up to $200 million, to $1.7 billion.

Amounts borrowed under the credit agreement mature on Sept. 5, 2023. However, the company may, between 15 and 60 days prior to the maturity date, elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable on Sept. 5, 2024.

Interest is equal to SOFR plus a spread of 81.5 basis points to 132.5 bps, depending on the company’s debt ratings.

In addition, the company is required to pay a facility fee of 6 bps to 17.5 bps, also based on ratings.

The credit agreement replaces the company’s existing 364-day revolving credit agreement dated Sept. 7, 2021 with Citibank as administrative agent, which provided for an aggregate borrowing capacity of $1.5 billion and had a maturity date of Sept. 6, 2022.

The company may use the proceeds from loans under the new credit agreement for working capital, capital expenditures, acquisitions and other company purposes.

Citibank, Wells Fargo Securities, LLC, Barclays Bank plc, J.P. Morgan Securities LLC, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corp., TD Securities (USA) LLC, Bank of Nova Scotia and Truist Securities, Inc. are the joint lead arrangers and joint bookrunners.

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

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

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.