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Enterprise Products gets $2 billion 364-day replacement revolver
By Marisa Wong
Morgantown, W.Va., Sept. 12 – Enterprise Products Partners LP’s operating subsidiary, Enterprise Products Operating LLC, entered into a $2 billion 364-day revolving credit agreement on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement replaces the company’s existing 364-day revolving credit agreement dated Sept. 13, 2017.
The new credit facility may be increased by up to $200 million to $2.2 billion at the company’s election.
Amounts borrowed mature on Sept. 11, 2019. However, Enterprise 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. 11, 2020.
Pricing is based on the company’s senior debt credit rating. Interest is equal to Libor plus a spread of 81.5 basis points to 135 bps, and the facility fee ranges from 6 bps to 15 bps.
Citibank, NA, Barclays Bank plc, DNB Markets, Inc., JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corp., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, Bank of Nova Scotia, Houston Branch, MUFG and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. Citibank is administrative agent; DNB Bank, ASA, New York Branch, JPMorgan Chase Bank, Mizuho Bank, MUFG and Wells Fargo Bank, NA are co-syndication agents.
Barclays Bank, Royal Bank of Canada, Sumitomo Mitsui Banking, SunTrust Bank, Scotiabank and Toronto-Dominion Bank, New York Branch are co-documentation agents.
Enterprise is a midstream energy services provider based in Houston.
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