Enterprise Products plans senior notes in two tranches, junior notes

By Devika Patel

Knoxville, Tenn., Feb. 1 – Enterprise Products Operating LLC intends to conduct an offering of fixed-rate senior notes in two tranches and a concurrent sale of fixed-to-floating junior subordinated notes, according to 424B3s filed with the Securities and Exchange Commission.

The notes will be guaranteed by Enterprise Products Partners LP.

The fixed-rate notes feature a make-whole call and then a par call.

For the fixed-to-floaters, interest will accrue at a fixed rate initially and at a rate based on Libor after that.

The fixed-to-floaters are non-callable initially and then are callable in whole or in part at par plus interest.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Scotia Capital (USA) Inc., DnB NOR Markets Inc., Morgan Stanley & Co. LLC, Societe Generale and TD Securities (USA) LLC are the bookrunners.

Proceeds will be used to repay debt, including repaying borrowings outstanding under the company’s commercial paper program and repurchasing or redeeming all or a portion of its junior subordinated notes B, and for general 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.