Obligation Enterprise Product Operations 4.875% ( US29379VBM46 ) en USD

Enterprise Product Operations

100.335 % ▼

Etas-Unis

US29379VBM46 ( en USD )

4.875% par an ( paiement semestriel )

16/08/2077

Prospectus brochure de l'obligation Enterprise Products Operating US29379VBM46 en USD 4.875%, échéance 16/08/2077

1 000 USD

700 000 000 USD

29379VBM4

BBB ( Qualité moyenne inférieure )

Baa1 ( Qualité moyenne inférieure )

16/02/2026 ( Dans 64 jours )

Enterprise Products Operating L.L.C. est une société américaine de transport et de stockage d'énergie, possédant et exploitant un vaste réseau d'oléoducs, de gazoducs, de terminaux de stockage et d'installations de traitement.

Un emprunt obligataire émis par Enterprise Products Operating, un acteur majeur du secteur de l'énergie midstream en Amérique du Nord spécialisé dans le transport, le traitement et le stockage de gaz naturel, de liquides de gaz naturel (LGN), de pétrole brut et de produits pétrochimiques, est identifié par le code ISIN US29379VBM46 (code CUSIP 29379VBM4) et a été émis aux États-Unis; ce titre libellé en dollars américains présente un taux d'intérêt nominal de 4.875% avec une échéance fixée au 16 août 2077 et une fréquence de paiement des intérêts semi-annuelle, le montant total de l'émission s'élève à 700 millions de dollars américains avec une taille minimale d'achat de 1 000 dollars américains, et est actuellement coté à 100.098% de son nominal sur le marché, bénéficiant par ailleurs d'une notation "BBB" auprès de Standard & Poor's et "Baa1" auprès de Moody's.

FWP 1 d392278dfwp.htm FWP
Filed Pursuant to Rule 433
Registration No. 333-211317
Registration No. 333-211317-01
August 7, 2017
The information in this pricing supplement supplements the preliminary prospectus supplement, dated August 7, 2017
(the "Preliminary Prospectus Supplement"), and supersedes the information in the Preliminary Prospectus Supplement
to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement.
$700,000,000 4.875% Junior Subordinated Notes D due August 16, 2077 (the "Non-Call 5 Notes")
$1,000,000,000 5.250% Junior Subordinated Notes E due August 16, 2077 (the "Non-Call 10 Notes")
Issuer:
Enterprise Products Operating LLC ("EPO")
Guarantee:
The Non-Call 5 Notes and the Non-Call 10 Notes (collectively, the "notes") will be
unconditionally guaranteed on a subordinated basis by Enterprise Products Partners
L.P.
Ratings:*
Baa2 by Moody's Investors Service, Inc.
BBB- by S&P Global Ratings
Trade Date:
August 7, 2017
Expected Settlement Date:
August 16, 2017 (T+7)**
Note Type:
Junior Subordinated Notes
Legal Format:
SEC Registered
Principal Amount:
$700,000,000 for the Non-Call 5 Notes
$1,000,000,000 for the Non-Call 10 Notes
Over-allotment Option:
None
Price to Public:
100.000% for the Non-Call 5 Notes
100.000% for the Non-Call 10 Notes
Maturity Date:
August 16, 2077 for the Non-Call 5 Notes
August 16, 2077 for the Non-Call 10 Notes
Interest Rate During Fixed Rate
Non-Call 5 Notes--4.875% up to, but not including, August 16, 2022
Period:
Non-Call 10 Notes--5.250% up to, but not including, August 16, 2027
Interest Rate During Floating Rate
Non-Call 5 Notes--From, and including, August 16, 2022, at a floating rate based on
Period:
three month LIBOR, plus 298.6 basis points, reset quarterly
Non-Call 10 Notes--From, and including, August 16, 2027, at a floating rate based
on three month LIBOR, plus 303.3 basis points, reset quarterly
Optional Deferral:
Up to 10 consecutive years per deferral
Optional Redemption:
Non-Call 5 Notes--Redeemable, in whole or in part, on or after August 16, 2022 at
100% of the principal amount, plus any accrued or unpaid interest
Non-Call 10 Notes--Redeemable, in whole or in part, on or after August 16, 2027 at
100% of the principal amount, plus any accrued or unpaid interest

Call for Tax Event:
Non-Call 5 Notes--Prior to August 16, 2022, at any time at 100% of the principal
amount, plus any accrued and unpaid interest
Non-Call 10 Notes--Prior to August 16, 2027, at any time at 100% of the principal
amount, plus any accrued and unpaid interest
Call for Rating Agency Event:
Non-Call 5 Notes--Prior to August 16, 2022, at any time at 102% of the principal
amount, plus any accrued and unpaid interest
Non-Call 10 Notes--Prior to August 16, 2027, at any time at 102% of the principal
amount, plus any accrued and unpaid interest
Interest Payment Dates During
Non-Call 5 Notes--Semi-Annually in arrears on February 16 and August 16 of each
Fixed Rate Period:
year, beginning on February 16, 2018
Non-Call 10 Notes--Semi-Annually in arrears on February 16 and August 16 of each
year, beginning on February 16, 2018
Interest Payment Dates During
Non-Call 5 Notes--Quarterly in arrears on February 16, May 16, August 16 and
Floating Rate Period:
November 16 of each year, beginning on November 16, 2022
Non-Call 10 Notes--Quarterly in arrears on February 16, May 16, August 16 and
November 16 of each year, beginning on November 16, 2027
CUSIP/ISIN:
29379V BM4/US29379VBM46 on the Non-Call 5 Notes
29379V BN2/US29379VBN29 on the Non-Call 10 Notes
Use of Proceeds:
EPO will receive aggregate net proceeds of approximately $1.68 billion from the sale
of the notes to the underwriters, after deducting the underwriting discount and
estimated other offering expenses payable by EPO. EPO expects to use the net
proceeds of this offering for (i) the repayment of debt, which may include the
temporary repayment of amounts outstanding under EPO's commercial paper
program, payment of EPO's $800 million principal amount of Senior Notes L due
September 2017 at their maturity, and the redemption prior to maturity of up to $700
million aggregate principal amount of EPO's outstanding Junior Subordinated Notes
A due August 2066, Junior Subordinated Notes B due January 2068, and/or Junior
Subordinated Notes C due June 2067 and (ii) general company purposes.
Joint Book-Running Managers:
Citigroup Global Markets Inc.
Barclays Capital Inc.
Mizuho Securities USA LLC
MUFG Securities Americas Inc.
Credit Suisse Securities (USA) LLC
RBC Capital Markets, LLC
SMBC Nikko Securities America, Inc.
SunTrust Robinson Humphrey, Inc.
U.S. Bancorp Investments, Inc.
Wells Fargo Securities, LLC

Co-Managers:
BBVA Securities Inc.
Deutsche Bank Securities Inc.
DNB Markets, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. LLC
Scotia Capital (USA) Inc.
SG Americas Securities, LLC
TD Securities (USA) LLC
Amendments to the Preliminary Prospectus Supplement:
The section of the Preliminary Prospectus Supplement entitled "Capitalization" is amended as follows, and all other
information (including financial information) presented in the Preliminary Prospectus Supplement is deemed to have changed
to the extent affected by the changes set forth below.
In the "As Adjusted" column of the June 30, 2017 capitalization table shown under the section of the Preliminary
Prospectus Supplement titled "Capitalization," the following line items are updated to reflect the assumed application of net
proceeds at that date (unaudited): cash and cash equivalents is $28.6 million; Commercial Paper Notes, variable rates is
$574.0 million; Senior Notes L, 6.30% fixed-rate, due September 2017 is zero; total principal amount of senior debt obligations
is $20,424.0 million; Enterprise Junior Subordinated Notes A, fixed/variable-rate, due August 2066 is $521.1 million;
Enterprise Junior Subordinated Notes C, fixed/variable-rate, due June 2067 is $256.4 million; Enterprise Junior Subordinated
Notes B, fixed/variable-rate, due January 2068 is $682.7 million; Enterprise Junior Subordinated Notes D, fixed/variable-rate,
due August 2077 is $700.0 million; Enterprise Junior Subordinated Notes E, fixed/variable-rate, due August 2077 is
$1,000.0 million; total principal amount of senior and junior debt obligations is $23,598.4 million; total other, non-principal
amounts is $217.1 million; total debt obligations, including current maturities is $23,381.3 million; and total debt and equity is
$46,261.5 million.
In addition, footnote (1) to the capitalization table shown under the section of the Preliminary Prospectus Supplement
titled "Capitalization," is added to each of the following rows: Enterprise Junior Subordinated Notes A, fixed/variable-rate, due
August 2066, Enterprise Junior Subordinated Notes C, fixed/variable-rate, due June 2067 and Enterprise Junior Subordinated
Notes B, fixed/variable-rate, due January 2068. Further, such footnote (1) is amended to add the following:
As set forth in "Use of Proceeds," the Company may issue additional commercial paper notes in order to redeem prior to
maturity up to $700 million aggregate principal amount of EPO's outstanding Junior Subordinated Notes A due August
2066, Junior Subordinated Notes B due January 2068, and/or Junior Subordinated Notes C due June 2067.
*
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time.
** EPO expects delivery of the notes will be made against payment therefor on or about August 16, 2017, which is the
seventh business day following the date of pricing of the notes (such settlement cycle being referred to as "T+7").
Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trades in the
secondary market generally are required to settle in three business days, unless the parties to any such trade
expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of pricing of the notes
or the next three succeeding business days will be required, by virtue of the fact that the notes initially will settle
T+7, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement. Purchasers
of the notes who wish to trade the notes on the date of pricing of the notes or the next three succeeding business
days should consult their own advisors.
The Issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the
"SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that
registration statement and other documents the Issuer has filed with the SEC for more complete information about the
Issuer and this offering. You may get these documents for free by visiting the SEC's website at www.sec.gov.
Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the
prospectus if you request it by calling Citigroup Global Markets Inc. at 1 (800) 831-9146 or Barclays Capital Inc. at 1
(888) 603-5847.