Enterprise Products Partners L.P. (EPD) has completed a public offering of $1.5 billion in senior notes. The offering consisted of two tranches totaling $750 million each. The first tranche, issued by Enterprise Products Operating LLC (EPO), is a 5.20% senior note due 2032. The second tranche is a 5.65% senior note due 2037.
The notes are general unsecured obligations of EPO and are guaranteed on an unsecured and unsubordinated basis by the Partnership. Interest on both tranches accrues at their respective rates from November 12, 2026, and is payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2027.
Under the terms of the indentures, EPO may redeem some or all of the notes prior to maturity at a price that includes accrued interest and a make-whole premium. Redemption is permitted on or after January 15, 2032, for the 2032 notes, and on or after November 15, 2036, for the 2037 notes. After those dates, notes may be redeemed at 100% of the principal amount plus accrued interest.
The offering was managed by a syndicate of underwriters, including MUFG Securities Americas Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, SG Americas Securities, LLC, and U.S. Bancorp Investments, Inc.
According to the prospectus, EPO intends to use the net proceeds from the offering for general corporate purposes, including growth capital investments and acquisitions. The company also plans to use the proceeds to repay debt, specifically the $1.0 billion principal amount of 4.60% Senior Notes HHH due 2027 and the $575.0 million principal amount of 3.95% Senior Notes SS due 2027, as well as amounts outstanding under its commercial paper program.
