Enterprise Products Partners L.P.

SEC Filings

424B5
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 424B5 on 02/02/2018
Entire Document
 


Table of Contents

 

PROSPECTUS SUPPLEMENT

(To Prospectus dated May 12, 2016)

 

LOGO

Enterprise Products Operating LLC

$750,000,000 2.800% Senior Notes due 2021

$1,250,000,000 4.250% Senior Notes due 2048

Unconditionally Guaranteed by

Enterprise Products Partners L.P.

 

 

This prospectus supplement relates to our offering of two series of senior notes. The senior notes due 2021, which we refer to as “2021 notes,” will bear interest at the rate of 2.800% per year and will mature on February 15, 2021. The senior notes due 2048, which we refer to as “2048 notes,” will bear interest at the rate of 4.250% per year and will mature on February 15, 2048. We refer to the 2021 notes and the 2048 notes, collectively, as the “notes.”

We will pay interest on the 2021 notes on February 15 and August 15 of each year, beginning on August 15, 2018. We will pay interest on the 2048 notes on February 15 and August 15 of each year, beginning on August 15, 2018.

We may redeem some or all of the notes at any time at the applicable redemption prices described in “Description of the Notes—Optional Redemption.”

The notes are unsecured and will rank equally with all other existing and future unsubordinated indebtedness of Enterprise Products Operating LLC (successor to Enterprise Products Operating L.P.). The notes will be guaranteed by our parent, Enterprise Products Partners L.P., and in certain circumstances may be guaranteed in the future on the same basis by one or more subsidiary guarantors.

Concurrently with this offering, we are offering subordinated notes (the “concurrent subordinated notes offering”) by means of a separate prospectus supplement and not by means of this prospectus supplement. The completion of this offering is not contingent on completion of the concurrent subordinated notes offering described herein, and the completion of the concurrent subordinated notes offering is not contingent on the completion of this offering.

The notes will not be listed on any securities exchange.

Investing in the notes involves certain risks. See “Risk Factors” beginning on page S-11 of this prospectus supplement and on page 3 of the accompanying prospectus.

Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

     2021 Notes      2048 Notes  
     Per note     Total      Per note     Total  

Public Offering Price(1)

     99.946   $ 749,595,000        99.865   $ 1,248,312,500  

Underwriting Discount

     0.350   $ 2,625,000        0.875   $ 10,937,500  

Proceeds to Enterprise Products

         

Operating LLC (before expenses)

     99.596   $ 746,970,000        98.990   $ 1,237,375,000  

 

(1) Plus accrued interest from February 15, 2018, if settlement occurs after that date.

The underwriters expect to deliver the notes in book-entry form only, through the facilities of The Depository Trust Company, against payment on or about February 15, 2018.

Joint Book-Running Managers

 

J.P. Morgan
                BofA Merrill Lynch
                                Deutsche Bank Securities
                                                 Scotiabank
                                                                 DNB Markets
                                                                              Morgan Stanley
                                                                                      SOCIETE GENERALE
                                                                                                            TD Securities

Senior Co-Manager

BBVA

Co-Managers

 

Barclays    Citigroup    Credit Suisse    Mizuho Securities

 

MUFG    RBC Capital Markets    SMBC Nikko
SunTrust Robinson Humphrey    US Bancorp    Wells Fargo Securities

 

The date of this prospectus supplement is February 1, 2018.