Enterprise Products Partners L.P.

SEC Filings

ENTERPRISE PRODUCTS PARTNERS L P filed this Form 424B5 on 02/02/2018
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pipelines; (ii) a butane isomerization complex, associated deisobutanizer units and approximately 70 miles of related pipelines; (iii) octane enhancement and high purity isobutylene production facilities; (iv) refined products pipelines aggregating approximately 4,110 miles, terminals and related marketing activities; and (v) marine transportation.

Recent Developments

Concurrent Senior Notes Offering

Concurrent with this offering, we announced the concurrent senior notes offering, which we expect will price concurrently with the pricing of the notes offered hereby. The senior notes are being offered in the concurrent senior notes offering by means of a separate prospectus supplement and accompanying base prospectus and not by means of this prospectus supplement. The completion of this offering and the completion of the concurrent senior notes offering are not conditioned on each other. We estimate that we will receive net proceeds of approximately $1.981 billion from the concurrent senior notes offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We cannot give any assurance that the concurrent senior notes offering will be completed. We anticipate using the net proceeds from the concurrent senior notes 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 EPO’s outstanding Junior Subordinated Notes B due January 2068 (the “Junior Subordinated Notes B”), and for general company purposes.

This prospectus supplement is not an offer to sell or a solicitation of an offer to buy the securities being offered in the concurrent senior notes offering.

Condensed Financial Highlights—Fourth Quarter and Fiscal Year 2017 Results (Unaudited)

The following table sets forth selected financial highlights for the periods indicated (dollars in millions, except per unit amounts):


     Three Months Ended
December 31,
    Year Ended
December 31,
     2017     2016     2017     2016  
     (Unaudited)     (Unaudited)     (Unaudited)        

Selected Income Statement Data:



   $ 8,426.6     $ 6,478.8     $ 29,241.5     $ 23,022.3  

Operating income

     1,079.4       923.2       3,928.9       3,580.7  

Net income

     797.3       669.7       2,855.6       2,553.0  

Net income attributable to noncontrolling interests

     (23.3 )     (10.9 )     (56.3 )     (39.9 )

Net income attributable to limited partners

     774.0       658.8       2,799.3       2,513.1  

Selected Balance Sheet Data at December 31 of each period:


Cash and cash equivalents (unrestricted)

       $ 5.1     $ 63.1  

Total assets

         54,418.2       52,194.0  

Total debt principal outstanding, including current maturities

         24,780.1       23,901.6  

Partners’ equity

         22,547.2       22,047.0  

Noncontrolling interest

         213.5       219.0