New Issue: Enterprise Products sells $1.75 billion of guaranteed notes three-, 10-year tranches

By Wendy Van Sickle

Columbus, Ohio, Jan. 3 – Enterprise Products Operating LLC priced $1.75 billion of guaranteed fixed-rate senior notes (Baa1/BBB+/BBB+) in two tranches on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The company priced $750 million of 5.05% notes due Jan. 10, 2026 at 99.893 to yield 5.089%, or a spread of Treasuries plus 90 basis points.

Enterprise Products Operating sold $1 billion of 5.35% notes due Jan. 31, 2033 at 99.803 to yield 5.375%, or Treasuries plus 160 bps.

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

J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Barclays, BMO Capital Markets Corp., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC were the lead managers.

Proceeds will be used for general company purposes, including for growth capital investments. Enterprise will also use the notes to repay debt, including all or a portion of the $1.25 billion principal amount of 3.35% senior notes HH due 2023 at their maturity in March and amounts outstanding under the company’s commercial paper program.

The midstream energy services provider is based in Houston.

Issuer:	Enterprise Products Operating LLC
Guarantor:	Enterprise Products Partners LP
Amount:	$1.75 billion
Issue:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Barclays, BMO Capital Markets Corp., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC
Co-managers:	BBVA Securities Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Sidley Austin LLP and Latham & Watkins LLP
Counsel to underwriters:	Vinson & Elkins LLP
Trade date:	Jan. 3
Settlement date:	Jan. 10
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered
Notes due 2026
Amount:	$750 million
Maturity:	Jan. 10, 2026
Coupon:	5.05%
Price:	99.893
Yield:	5.089%
Spread:	Treasuries plus 90 bps
Call features:	Make-whole call at Treasuries plus 15 bps
Cusip:	29379VCC5
Notes due 2033
Amount:	$1 billion
Maturity:	Jan. 31, 2033
Coupon:	5.35%
Price:	99.803
Yield:	5.375%
Spread:	Treasuries plus 160 bps
Call features:	Make-whole call before Oct. 31, 2032 at price equal to greater of par or Treasuries plus 25 bps; thereafter at par
Cusip:	29379VCD3

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