Enterprise Products Partners L.P.

News Release

TEPPCO Partners, L.P. Announces Amendment to Revolving Credit Facility
 

HOUSTON--(BUSINESS WIRE)--Dec. 13, 2005--TEPPCO Partners, L.P. (NYSE:TPP) announced today that it has completed an amendment to its multi-year revolving credit facility. The significant terms of the amendment are described below.

  • Total bank commitments increased from $600 million to $700 million. The amendment also provided that the commitments under the credit facility may be increased up to a maximum of $850 million upon the request of the Partnership, subject to lender approval and the satisfaction of certain other conditions.

  • The facility fee and the borrowing rate currently in effect were reduced by 0.275 percent.

  • The maturity date of the credit facility was extended from Oct. 21, 2009, to Dec. 13, 2010. Also under the terms of the amendment, the Partnership may request up to two, one-year extensions of the maturity date. These requested extensions will become effective subject to lender approval and satisfaction of certain other conditions.

  • The amendment also removed the $100 million limit on the total amount of standby letters of credit that can be outstanding under the credit facility.

"We are pleased to complete this amendment and with the increased level of support we received from our lenders," said Barry R. Pearl, president and chief executive officer of the general partner of TEPPCO. "This amendment provides our Partnership with additional financial flexibility and reduces our short-term cost of borrowing."

The administrative agent for the credit facility is SunTrust Bank. The syndication agent is Wachovia Bank, National Association and the co-documentation agents are BNP Paribas, JPMorgan Chase Bank, N.A., and KeyBank, N.A. The joint lead arrangers are SunTrust Capital Markets, Inc. and Wachovia Capital Markets, LLC.

TEPPCO Partners, L.P. is a publicly traded partnership, which conducts business through various subsidiary operating companies. TEPPCO owns and operates one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States; owns and operates petrochemical and natural gas liquid pipelines; is engaged in crude oil transportation, storage, gathering and marketing; owns and operates natural gas gathering systems; and owns 50-percent interests in Seaway Crude Pipeline Company, Centennial Pipeline LLC and Mont Belvieu Storage Partners, L.P., and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, a wholly owned subsidiary of DFI GP Holdings L.P. (a privately owned partnership indirectly controlled by Dan L. Duncan), is the general partner of TEPPCO Partners, L.P. For more information, visit TEPPCO's Web site at www.teppco.com.

CONTACT: TEPPCO Partners, L.P., Houston
Investor Relations
Brenda J. Peters, 713-759-3954
Toll Free: 800-659-0059
or
Media Relations
Kathleen A. Sauve, 713-759-3635

SOURCE: TEPPCO Partners, L.P.