|Enterprise Completes $54 Million Financing|
HOUSTON--(BUSINESS WIRE)--March 27, 2000--Enterprise Products Partners L.P. (NYSE:EPD) announced that its operating subsidiary, Enterprise Products Operating L.P., has executed a $54 million loan agreement with the Mississippi Business Finance Corporation ("MBFC") which was funded by the proceeds from the sale of Taxable Industrial Development Revenue Bonds by the MBFC. The proceeds from the loan agreement will be used to finance Enterprise's share of the costs of acquiring and constructing a natural gas processing plant in Pascagoula, Miss.
The bonds issued by the MBFC are 10-year bonds with a maturity date of March 1, 2010 and bear a fixed-rate interest coupon of 8.70 percent. The bonds were issued at par and are subject to a make-whole redemption right by Enterprise.
The bonds were rated investment grade by Standard and Poor's (BBB) and Moody's Investors Service (Baa3). The bond and the loan agreement are guaranteed by Enterprise Products Partners L.P. through an unsecured and unsubordinated guarantee.
The offering was underwritten by First Union Securities Inc. and Banc of America Securities.
Enterprise Products Partners L.P. is one of the largest publicly traded master limited partnerships with an enterprise value of approximately $2 billion. Enterprise is one of the leading midstream energy service companies in North America, providing the complete services of processing, fractionation, transportation and storage to producers of NGLs and consumers of NGL products.
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.
CONTACT: Enterprise Products Partners L.P., Houston Randy Fowler, 713/880-6694 http://www.epplp.com