Enterprise Prices $1.25 Billion Aggregate Principal Amount of Senior Notes

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Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”) today announced that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), has priced a public offering of $1.25 billion aggregate principal amount of notes comprised of $250 million principal amount of senior notes due January 31, 2030 (“Reopened Senior Notes AAA”), and $1.0 billion principal amount of senior notes due February 15, 2052 (“Senior Notes DDD”).

We expect to use the net proceeds of this offering for (i) general company purposes, including for growth capital investments, and (ii) the repayment of debt (including repayment of all or part of our $750 million principal amount of 2.80% Senior Notes TT at their maturity in February 2021).

The Reopened Senior Notes AAA, which have a 2.80% fixed-rate interest coupon, will be issued at 107.211% of their principal amount and will have identical terms, be fungible with and be a part of a single series of senior debt securities together with the $1.0 billion of Senior Notes AAA issued on January 15, 2020. The Senior Notes DDD will be issued at 99.233% of their principal amount and will have a fixed-rate interest coupon of 3.20%. Enterprise Products Partners L.P. will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Settlement of the offering is expected to occur on August 7, 2020.

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