Issuer: | Enterprise Products Operating L.P. |
|
Guarantor | Enterprise Products Partners L.P.
will guarantee, on a junior
subordinated basis, payment of the
principal of, premium, if any, and
interest on the notes. |
|
Principal Amount: | $700,000,000 |
|
Security Type: | Junior Subordinated Notes due 2068 |
|
Ratings (Moodys / S&P / Fitch): | Ba1 /
BB (expected) / BB+ |
|
A securities rating is not a
recommendation to buy, sell, or
hold securities and may be subject
to review, revision, suspension,
reduction, or withdrawal at any
time by the assigning rating
agency. |
||
Minimum Denomination: | $1,000 |
|
Pricing Date: | May 21, 2007 |
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Settlement Date: | May 24, 2007 (T + 3) |
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Maturity Date: | January 15, 2068 |
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Treasury Benchmark: | T 4.500% due May 15, 2017 |
|
Benchmark Yield: | 4.784% |
|
Spread to Benchmark: | 225
basis points (2.25%) |
|
Yield to Maturity: | 7.034% |
|
Coupon: | 7.034% |
|
Interest during Fixed Rate Period: | From May 24, 2007 to January 15,
2018, at an annual rate of 7.034%,
payable semi-annually in arrears
on January 15 and July 15 of each
year, commencing on January 15,
2008, subject to the Issuers
right to defer interest payments
on one or more occasions for up to
ten consecutive years. |
|
Interest during Floating Rate Period: | From January 15, 2018 through
maturity, at an annual floating
rate equal to the greater of (a)
the 3-month LIBOR Rate plus a
spread of 268 basis points,
reset quarterly, or (b) 7.034% per
annum, payable quarterly in
arrears on January 15, April 15,
July 15 and October 15 of each
year, commencing on April 15,
2018, subject to the Issuers
right to defer interest payments
on one or more occasions for up to
ten consecutive years. |
|
Underwriting Discount: | 1.375%; $9,625,000 in the aggregate |
|
Price to Public: | 99.979% |
|
Net Proceeds to Issuer After Deducting Underwriting Commissions and Net Estimated Offering Expenses: | $690,228,000 |
|
Optional Redemption: | In whole or in part at any time on or after
January 15, 2018, at a redemption price equal
to 100% of their principal amount plus accrued
and unpaid interest; |
| in whole or in part at any
time prior to January 15, 2018, at a
redemption price equal to the Make-Whole
Redemption Price; or |
|||
| in whole but not in part prior
to January 15, 2018, after the occurrence of a
Tax Event or Rating Agency Event at a
redemption price equal to the Special Event
Make-Whole Redemption Price. |
The Make-Whole Redemption Price will be
equal to (a) all accrued and unpaid interest
to but not including the redemption date, plus
(b) the greater of (i) 100% of the principal
amount of the Notes being redeemed and (ii) as
determined by the Independent Investment
Banker, the sum of the present values of
remaining scheduled payments of principal and
interest on the Notes (exclusive of interest
accrued to the redemption date) being redeemed
from the redemption date to January 15, 2018,
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%. |
||
The Special Event Make-Whole Redemption
Price for the Notes if redeemed prior January
15, 2018 in connection with a Rating Agency
Event or Tax Event will be equal to (a) all
accrued and unpaid interest to but not
including the redemption date, plus (b) the
greater of (i) 100% of the principal amount of
the Notes being redeemed and (ii) as
determined by the Independent Investment
Banker, the sum of the present values of
remaining scheduled payments of principal and
interest on the Notes (exclusive of interest
accrued to the redemption date) being redeemed
from the redemption date to January 15, 2018,
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%. |
||
CUSIP: | 293791AW9 |
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ISIN: | US293791AW97 |
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Joint Bookrunning Managers: | J.P.
Morgan Securities Inc. Citigroup Global Markets Inc. Lehman Brothers Inc. Wachovia Capital Markets, LLC |
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Senior Co-Managers: | Mizuho Securities USA Inc. Raymond James & Associates, Inc. |
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Co-Managers: | BNP Paribas Securities Corp. Daiwa Securities America Inc. HVB Capital Markets, Inc. ING Financial Markets LLC Wells Fargo Securities, LLC |
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