Enterprise Prices $2B of Senior Notes

Enterprise announced that its operating subsidiary, Enterprise Products, has priced a public offering of $400 million of senior unsecured notes due 2015; $1.0 billion of senior unsecured notes due 2020 and $600 million of senior unsecured notes due 2040. The proceeds from the offering are expected to be used to repay, at maturity, $500 million in aggregate principal amount of EPO's senior notes due June 2010, to temporarily reduce borrowings outstanding under EPO's multi-year revolving credit facility, and for general partnership purposes. The partnership expects to use some of the increased availability under its multi-year revolving credit facility to finance capital expenditures and other growth projects.

The notes due 2015 will be issued at 99.790 percent of their principal amount, will have a fixed-rate interest coupon of 3.70 percent and a maturity date of June 1, 2015. The notes due 2020 will be issued at 99.701 percent of their principal amount, will have a fixed-rate interest coupon of 5.20 percent and a maturity date of September 1, 2020. The notes due 2040 will be issued at 99.525 percent of their principal amount, will have a fixed-rate interest coupon of 6.45 percent and a maturity date of September 1, 2040. The expected settlement date for the offering is May 20, 2010. Enterprise Products Partners L.P. will guarantee the notes through an unconditional guarantee on an unsecured and unsubordinated basis.

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