Issuer:
|
Enterprise Products Operating L.P. | |
Principal Amount:
|
$200,000,000 | |
Ratings:
|
Ba1/stable / B+/positive / BB+/stable (Moodys/S&P/Fitch) | |
Security Type:
|
Junior Subordinated Notes due 2066 | |
Legal Format:
|
SEC Registered | |
Trade Date:
|
August 22, 2006 | |
Settlement Date:
|
August 25, 2006 | |
Maturity Date:
|
August 1, 2066 | |
Price to Public:
|
103.104% | |
Public Offering Price:
|
$206,208,000 | |
Commissions to Underwriters:
|
1.125% per LoTSSM; $2,250,000 in the aggregate | |
Net Proceeds to Issuer After Deducting Underwriting Commissions and Expenses before Accrued Interest: |
$203,733,000 |
|
Accrued Interest to Issuer:
|
$1,721,527.78, 8.375% accrued from July 18, 2006 to and including August 24, 2006 | |
Total Proceeds to Issuer:
|
$205,454,527.78 | |
Interest during Fixed Rate Period: |
From July 18, 2006 to August 1, 2016, at the annual rate of 8.375%, payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2007, subject to the Issuers right to defer interest on one or more occasions for up to ten consecutive years. |
-1-
Interest during Floating Rate Period: |
From August 1, 2016 through maturity at a floating rate based on the 3-month LIBOR Rate plus 370.75 basis points, reset quarterly, payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, subject to the Issuers right to defer interest on one or more occasions for up to ten consecutive years. |
|
Benchmark Treasury:
|
4.875% due August 15, 2016 | |
Spread to Benchmark:
|
310 basis points (3.10%) | |
Treasury Strike:
|
4.815% | |
Optional Redemption:
|
On or after August 1, 2016, in whole or in part at 100% of the principal amount plus accrued and unpaid interest. | |
Prior to August 1, 2016, in whole or in part upon payment of a make-whole redemption price equal to (a) all accrued and unpaid interest to but not including the redemption date, plus (b) the greater of (1) 100% of the principal amount of the LoTSSM being redeemed and (2) as determined by the Independent Investment Banker, the sum of the present values of remaining scheduled payments of principal and interest on the LoTSSM (exclusive of interest accrued to the redemption date) being redeemed from the redemption date to August 1, 2016, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus 50 basis points. | ||
Denomination:
|
$1,000 | |
CUSIP/ISIN:
|
293791AV1 / US293791AV15 | |
Book Running Manager:
|
Wachovia Capital Markets, LLC | |
Co-Managers:
|
HVB Capital Markets, Inc. and SG Americas Securities, LLC | |
Underwriting Economics
|
Wachovia Capital Markets, LLC 90% HVB Capital Markets, Inc. 5% SG Americas Securities, LLC 5% |