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
 


Issuance of Common Units
The following table summarizes the issuance of common units in connection with our at-the-market (“ATM”) program, DRIP and employee unit purchase plan (“EUPP”) for the periods indicated (dollars in millions, number of units issued as shown):

   
Number of
Common
Units Issued
   
Net Cash
Proceeds
Received
 
Year Ended December 31, 2015:
           
   Common units issued in connection with ATM program
   
25,520,424
   
$
817.4
 
   Common units issued in connection with DRIP and EUPP
   
12,793,913
     
371.2
 
   Total
   
38,314,337
   
$
1,188.6
 
                 
Year Ended December 31, 2016:
               
   Common units issued in connection with ATM program
   
87,867,037
   
$
2,156.1
 
   Common units issued in connection with DRIP and EUPP
   
16,316,534
     
386.7
 
   Total
   
104,183,571
   
$
2,542.8
 
                 
Year Ended December 31, 2017:
               
   Common units issued in connection with ATM program
   
21,807,726
   
$
597.0
 
   Common units issued in connection with DRIP and EUPP
   
19,046,019
     
476.4
 
   Total
   
40,853,745
   
$
1,073.4
 

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.

ATM Program
In 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 registration statement was declared effective by the SEC on November 20, 2017 and replaced our prior registration statement with respect to the ATM program.  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.

DRIP and EUPP
We have a registration statement on file with the SEC in connection with our 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.  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.

Affiliates of EPCO purchased $100 million of our common units through the DRIP in connection with the distribution paid on February 7, 2018.

In addition to the DRIP, we have registration statements on file with the SEC in connection with our EUPP.  After taking into account the number of common units issued under the EUPP through December 31, 2017, we had the capacity to issue an additional 5,760,811 common units under this plan.

Use of Proceeds
The net cash proceeds we received from the issuance of common units during 2017 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and revolving credit facilities and for general partnership purposes.
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