|Enterprise Prices $200 Million Re-Opening of Junior Subordinated Notes Due 2066|
HOUSTON--(BUSINESS WIRE)--Aug. 22, 2006--Enterprise Products Partners L.P. (NYSE:EPD) announced today that its operating subsidiary, Enterprise Products Operating L.P. ("Enterprise"), priced a $200 million re-opening of its 8.375% Fixed/Floating Rate Junior Subordinated Notes ("LoTS(SM)") due August 1, 2066 in a public offering. These notes constitute a further issuance of the $300 million aggregate principal amount of LoTS(SM) issued on July 18, 2006 and will form a single series with those LoTS(SM). The LoTS(SM) will have the same CUSIP number and will trade interchangeably with the previously issued LoTS(SM) immediately upon settlement. Upon completion of this offering, $500 million aggregate principal amount of LoTS(SM) will be outstanding.
The $200 million of LoTS(SM) issued in this offering will be sold to the public at $103.104 per $100.00 par amount for an effective yield of 7.915% for the initial 10-year fixed-rate period, plus accrued interest since July 18, 2006. The Partnership expects to complete the offering on August 25, 2006 subject to customary closing conditions.
Wachovia Capital Markets, LLC was the sole book-running manager. HVB Capital Markets, Inc. and SG Americas Securities, LLC were co-managers for the offering. An investor may obtain a copy of the preliminary prospectus supplement for this offering for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in this offering will arrange to send a prospectus to an investor if requested by calling Wachovia Securities at (800) 326 5897.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes described in this press release, nor shall there be any sale of these notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction. The offer is being made only through the prospectus as supplemented, which is part of a shelf registration statement that became effective on March 23, 2005.
Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of approximately $16 billion, and is a North American provider of midstream energy services to producers and consumers of natural gas, NGLs and crude oil. Enterprise transports natural gas, NGLs and crude oil through approximately 33,840 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE). For more information on Enterprise GP Holdings L.P., visit its website at www.enterprisegp.com.
CONTACT: Enterprise Products Partners L.P., Houston Investor Relations Randy Burkhalter, 713-381-6812 or toll-free 866-230-0745 or Media Relations Rick Rainey, 713-381-3635 SOURCE: Enterprise Products Partners L.P.