Enterprise prices $2.5B of senior unsecured notes

Enterprise Products Partners LP’s (NYSE: EPD) operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering of $2.5 billion of senior unsecured notes comprised of $750 million due May 7, 2018 (Senior Notes OO), $875 million due February 15, 2026 (Senior Notes PP), and $875 million due May 15, 2046 (Senior Notes QQ).

Enterprise expects to use the net proceeds of this offering for the repayment of debt, including the repayment of amounts outstanding under its commercial paper program (which the company uses to repay amounts outstanding on the maturity of EPO’s $250 million principal amount of Senior Notes I due March 2015), and the repayment of amounts outstanding on the maturity of EPO’s $400 million principal amount of Senior Notes X due June 2015, and for general company purposes.

Senior Notes OO will be issued at 99.881% of their principal amount and will have a fixed-rate interest coupon of 1.65%. Senior Notes PP will be issued at 99.635% of their principal amount and will have a fixed-rate interest coupon of 3.70%. Senior Notes QQ will be issued at 99.635% of their principal amount and will have a fixed-rate interest coupon of 4.90%. The expected settlement date for the offering is May 7. Enterprise Products Partners LP will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Wells Fargo Securities LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., and US Bancorp Investments Inc. acted as joint book-running managers for the offering.

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