Enterprise Products Partners L.P.

SEC Filings

10-Q
GULFTERRA ENERGY PARTNERS L P filed this Form 10-Q on 08/09/2004
Entire Document
 
<PAGE>
 
     The following table presents the timing and amounts of our debt repayment
and other obligations for the years following June 30, 2004, that we believe
could affect our liquidity (in millions):
 

<Table>
<Caption>
                                            LESS THAN                            AFTER
   DEBT REPAYMENT AND OTHER OBLIGATIONS      1 YEAR     1-3 YEARS   3-5 YEARS   5 YEARS   TOTAL
   ------------------------------------     ---------   ---------   ---------   -------   ------
<S>                                         <C>         <C>         <C>         <C>       <C>
Revolving credit facility.................    $ --        $462        $ --      $   --    $  462
Senior secured term loans.................       5          10         484          --       499
6 1/4% senior notes issued July 2003, due
  June 2010...............................      --          --          --         250       250
8 1/2% senior subordinated notes issued
  March 2003, due June 2010...............      --          --          --         216       216
8 1/2% senior subordinated notes issued
  May 2001, due June 2011.................      --          --          --         168       168
8 1/2% senior subordinated notes issued
  May 2002, due June 2011.................      --          --          --         154       154
10 5/8% senior subordinated notes issued
  November 2002, due December 2012........      --          --          --         134       134
Interest payable(1).......................     108         207         167         139       621
Wilson natural gas storage facility
  operating lease.........................       5          10           5          --        20
Texas leased NGL storage facilities.......       2           2           1           2         7
                                              ----        ----        ----      ------    ------
       Total debt repayment and other
          obligations.....................    $120        $691        $657      $1,063    $2,531
                                              ====        ====        ====      ======    ======
</Table>

 
---------------
 
(1) Interest payable is forecasted based on the notional fixed rate for our
    fixed rate securities and based on the June 30, 2004 variable rate for our
    variable rate securities.
 
     The close of the merger will constitute a change of control, and thus a
default, under our credit facility. To avoid a default, our credit facility must
be refinanced or amended at or before the closing of the merger. Enterprise has
stated that it currently intends that our credit facility be refinanced before
the closing of the merger and that, if that does not occur, there are reasonable
grounds to believe that our existing credit facility will be amended prior to
the closing of the merger. If the facility is not amended or refinanced prior to
closing, the resulting default would have a material adverse effect on the
combined company. In addition, the closing of the merger will constitute a
change of control under our indentures, and we will be required to offer to
repurchase our outstanding senior subordinated notes (and possibly our senior
notes) at 101 percent of their principal amount after the close. In coordination
with Enterprise, we are evaluating alternative financing plans in preparation
for the closing of the merger. On August 4, 2004, Enterprise announced that one
of its subsidiaries commenced cash tender offers to purchase any and all of our
outstanding senior subordinated and senior notes. In connection with the tender
offers, Enterprise is soliciting consents to proposed amendments that would
eliminate certain restrictive covenants and default provisions contained in the
indentures governing the notes. Enterprise is commencing the tender offers and
consent solicitations in anticipation of completing the merger, and the merger
is a non-waivable condition to the completion of the tender offers and consent
solicitations. We and Enterprise can agree on the date of the merger closing
after the receipt of all necessary approvals. We do not intend to close until
appropriate financing or other arrangements are in place.
 
                                        40