|Enterprise Completes Bank Credit Refinancing|
HOUSTON--(BUSINESS WIRE)--Nov. 22, 2000--Enterprise Products Partners L.P. (NYSE:EPD) announced that its operating partnership, Enterprise Products Operating L.P., has completed the syndication of a $400 million revolving credit facility with a group of fifteen commercial banks. This new facility replaces Enterprise's $350 million bank credit facility which was terminated upon execution of the definitive loan documents.
The $400 million facility is composed of a $250 million 5-year credit agreement and a $150 million 364-day agreement, each of which may be extended subject to certain conditions. Each credit facility is guaranteed by Enterprise Products Partners L.P.
First Union Securities Inc. and Chase Securities Inc. served as Joint Lead Arrangers of the new facility. The credit agreements include First Union National Bank as the Administrative Agent, Bank One, NA as the Documentation Agent and The Chase Manhattan Bank as the Syndication Agent.
Enterprise Products Partners L.P. is the second largest, midstream energy publicly traded partnership with an enterprise value of approximately $2.8 billion. Enterprise is a leading integrated provider of processing, fractionation, storage, transportation and terminalling services to producers and consumers of natural gas liquids ("NGLs") and other liquid hydrocarbons. The Company's assets are geographically focused on the United States' Gulf Coast, which accounts for approximately 55 percent of domestic NGL production and 75 percent of domestic NGL demand.
This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company, as well as assumptions made by, and information currently available to, management. Although Enterprise believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.