Enterprise Products Partners L.P.

SEC Filings

424B3
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 424B3 on 02/01/2018
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Table of Contents

USE OF PROCEEDS

We will receive aggregate net proceeds of approximately $         from the sale of the notes to the underwriters after deducting the underwriting discount and other estimated offering expenses payable by us. We expect to use the net proceeds of this offering for the repayment of debt, including the repayment of amounts outstanding under our commercial paper program and the repurchase or redemption of all or a portion of the Junior Subordinated Notes B, and for general company purposes.

Indebtedness under our multi-year revolving credit facility, 364-day credit agreement and commercial paper program has been and may be incurred for working capital purposes, capital expenditures and other acquisitions. We may borrow additional amounts under our multi-year revolving credit facility or under the 364-day credit agreement from time to time to repay commercial paper notes or for acquisitions, capital expenditures and other general company purposes. We may issue and have outstanding short-term commercial paper notes at any time for acquisitions, capital expenditures and other general company purposes. We intend to maintain a minimum borrowing capacity under our multi-year revolving credit facility and/or our 364-day credit agreement equal to any amount outstanding under commercial paper notes as a back-stop to the commercial paper program.

As of January 31, 2018, we had no borrowings outstanding under our multi-year revolving credit facility, which bears interest at a variable rate. Amounts borrowed under the multi-year revolving credit facility mature in September 2022.

As of January 31, 2018, we had no borrowings outstanding under our 364-day credit agreement, which bears interest at a variable rate. Amounts borrowed under the 364-day credit agreement mature in September 2018, although we may elect to have the entire principal balance then outstanding under such agreement continued as a non-revolving term loan for a period of one additional year, payable in September 2019.

As of January 31, 2018, we had $1.8 billion in principal amount of short-term notes outstanding under our commercial paper program, which had a weighted-average maturity of 30 days, and the weighted-average interest rate on such commercial paper debt was approximately 1.798% per annum.

As of January 31, 2018, we had $682.7 million in principal amount of our Junior Subordinated Notes B outstanding, which bear interest at a rate equal to the greater of 7.034% or a variable rate reset quarterly and based on 3-month LIBOR plus 2.680%.

Affiliates of certain of the underwriters may hold our commercial paper notes and/or our Junior Subordinated Notes B to be repaid or redeemed with proceeds from this offering and, accordingly, may receive a substantial portion of the net proceeds of this offering. Please read “Underwriting—Conflicts of Interest.”

 

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