Enterprise Prices $800 Million of Senior Notes
Enterprise Products Operating has priced a public offering of $800 million of 10-year senior unsecured notes. The proceeds from the offering will be used to temporarily reduce borrowings outstanding under the partnership's Multi-Year Revolving Credit Facility, which will be used to repay, at maturity, the $500 million principal amount outstanding under its 4.00 percent notes due October 15, 2007, together with accrued and unpaid interest, as well as for general partnership purposes.
The 10-year senior notes will be issued at 99.953 percent of their principal amount and will have a fixed-rate interest coupon of 6.30 percent and a maturity date of September 15, 2017. The settlement date will be September 4, 2007. Enterprise Products Partners L.P. will guarantee the notes through an unconditional guarantee on a senior unsecured basis.
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