Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 

ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Universal shelf registration statement.  We have a universal shelf registration statement (the “2016 Shelf”) on file with the SEC which allows Enterprise Products Partners L.P. and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.  In total, EPO issued $1.7 billion of junior notes, and $1.25 billion and $2.5 billion of senior notes during the years ended December 31, 2017, 2016 and 2015, respectively.  See Note 8 for information regarding an offering of junior notes we completed in August 2017 using the 2016 Shelf.

See Note 22, Subsequent Events, for information regarding the issuance of senior notes and junior subordinated notes in February 2018 using the 2016 Shelf.

At-the-Market (“ATM”) ProgramIn November 2017, we filed an amended registration statement with the SEC covering the issuance of up to $2.54 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings in connection with our ATM program.  Pursuant to this program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers’ transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement.  The new registration statement was declared effective on November 20, 2017 and replaced our prior registration statement with respect to the ATM program.

During 2017, we issued 21,807,726 common units under the ATM program for aggregate gross cash proceeds of $603.1 million, resulting in total net cash proceeds of $597.0 million.   During 2016, we issued 87,867,037 common units under the ATM program for aggregate gross cash proceeds of $2.17 billion, resulting in total net cash proceeds of $2.16 billion.  This includes 3,830,256 common units sold in January 2016 to privately held affiliates of EPCO, which generated gross proceeds of $100 million. During 2015, we issued 25,520,424 common units under the ATM for aggregate gross cash proceeds of $825.4 million, resulting in total net cash proceeds of $817.4 million. This includes 3,225,057 common units sold in March 2015 to a privately held affiliate of EPCO, which generated gross proceeds of $100 million.  

Following the effectiveness of the new registration statement and after taking into account the aggregate sales price of common units sold under the ATM program through December 31, 2017, we have the capacity to issue additional common units under the ATM program up to an aggregate sales price of $2.54 billion.

Distribution reinvestment plan.  We have a registration statement on file with the SEC in connection with our distribution reinvestment plan (“DRIP”). The DRIP provides unitholders of record and beneficial owners of our common units a voluntary means by which they can increase the number of our common units they own by reinvesting the quarterly cash distributions they receive from us into the purchase of additional new common units at a discount ranging from 0% to 5% (currently set at 2.5% beginning with the distribution declared with respect to the fourth quarter of 2017 and paid in February 2018).  

Activity under our DRIP for the last three years was as follows:  18,541,355 common units issued during 2017, which generated net cash proceeds of $462.9 million; 15,809,503 common units issued during 2016, which generated net cash proceeds of $374.0 million; and 12,413,351 common units issued during 2015, which generated net cash proceeds of $359.8 million.  Privately held affiliates of EPCO reinvested $100 million through the DRIP in each of the years ended December 31, 2017, 2016 and 2015 (this amount being a component of the net cash proceeds presented for each period).

After taking into account the number of common units issued under the DRIP through December 31, 2017, we have the capacity to issue an additional 80,717,140 common units under this plan.

Employee unit purchase planIn addition to the DRIP, we have registration statements on file with the SEC in connection with our employee unit purchase plan (“EUPP”).  Activity under our EUPP for the last three years was as follows: 504,664 common units issued during 2017, which generated net cash proceeds of $13.5 million; 507,031 common units issued during 2016, which generated net cash proceeds of $12.7 million; and 380,562 common units issued during 2015, which generated net cash proceeds of $11.4 million.

After taking into account the number of common units issued under the EUPP through December 31, 2017, we may issue an additional 5,760,811 common units under this plan.  
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