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

The Offering

 

Issuer

Enterprise Products Operating LLC.

 

Guarantee

The payment of the principal of, premium, if any, and interest on the notes will be guaranteed, on a junior subordinated basis, pursuant to a guarantee (the “Guarantee”) by Enterprise Parent. See “Description of the Notes—Parent Guarantee.”

 

Securities Offered

$700,000,000 aggregate principal amount of our Junior Subordinated Notes F due 2078.

 

  The notes will be issued in registered form and in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

Maturity

February 15, 2078.

 

Interest Rate

The notes will bear interest at a fixed rate of 5.375% per year from the date they are issued up to, but not including, February 15, 2028 or an earlier redemption date (the “Fixed Rate Period”). The notes will bear interest from, and including, February 15, 2028 up to, but not including, the maturity date or an earlier redemption date (the “Floating Rate Period”) at a floating rate based on the Three-Month LIBOR Rate (as defined herein) plus 257 basis points (2.57%), reset quarterly.

 

Interest Payment Dates

Subject to our right to defer interest payments as described below, during the Fixed Rate Period interest on the notes will be payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2018, and, during the Floating Rate Period, interest on the notes will be payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on May 15, 2028.

 

Option to Defer Interest Payments

So long as no Event of Default (as defined herein) has occurred and is continuing, at our option, we may, on one or more occasions, defer payment of all or part of the current and accrued interest otherwise due on the notes by extending the interest payment period for up to 10 consecutive years (each period, commencing on the date that the first such interest payment would otherwise have been made, an “Optional Deferral Period”). In other words, we may declare at our discretion up to a 10-year interest payment moratorium on the notes and may choose to do so on more than one occasion. A deferral of interest payments may not extend beyond the maturity date of the notes or end on a day other than an interest payment date.

 

  Any deferred interest on the notes will accrue additional interest at a rate equal to the interest rate then applicable to the notes, to the extent permitted under applicable law. Once we pay all deferred interest payments on the notes, including any additional interest accrued on the deferred interest, we can again defer interest payments on the notes as described above, but not beyond the maturity date of the notes.


 

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