Enterprise Sells $500 Million of Senior Notes

Enterprise Products Partners L.P. (NYSE:EPD) announced that its operating subsidiary, Enterprise Products Operating L.P., has priced the private placement of $250 million of 10-year senior unsecured notes and $250 million of 30-year senior unsecured notes. A portion of the net proceeds from the sale of the notes will be used to refinance the Operating Partnership's outstanding $350 million of 8.25 percent Senior Notes due March 15, 2005. The remaining proceeds will be used for general partnership purposes, including the temporary repayment of indebtedness outstanding under its multi-year revolving credit facility.

The 10-year notes will be issued at 99.379 percent of their principal amount and will have a fixed-rate interest coupon of 5.00 percent and a maturity date of March 1, 2015. The 30-year notes will be issued at 98.691 percent of their principal amount and will have a fixed-rate interest coupon of 5.75 percent and will mature on March 1, 2035. The settlement date is March 2, 2005 for both series of notes.

Enterprise will guarantee the notes through an unsecured and unsubordinated guarantee. These notes, which include registration rights, have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act.

Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of more than $14 billion, and is a leading North American provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs) and crude oil. Enterprise transports natural gas, NGLs and crude oil through 31,000 miles of onshore and offshore pipelines and is an industry leader in the development of midstream infrastructure in the Deepwater Trend of the Gulf of Mexico. Services include natural gas transportation, gathering, processing and storage; NGL and propylene fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services.


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