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Enterprise Products buys $915.1 million of GulfTerra's senior notes
New York, Oct. 5 - Enterprise Products Partners LP said it bought $915.1 million or 99.3% of the $921.5 million of senior notes and senior subordinated notes issued by GulfTerra Energy Partners, LP and GulfTerra Energy Finance Corp.
The tender offer expired at 5 p.m. ET on Oct. 4.
Enterprise bought $212.1 million or 98.2% of GulfTerra's 8½% senior subordinated notes due 2010, $133.9 million or 99.9% of GulfTerra's 10 5/8% senior subordinated notes due 2012, $319.8 million or 99.5% of GulfTerra's 8½% senior subordinated notes due 2011 and $249.3 million or 99.7% of GulfTerra's 6¼% senior subordinated notes due 2010.
As previously announced, the payments for the notes were equal to the present value of the principal and interest that would accrue until the first call date for the senior subordinated notes or maturity for the senior notes, discounted using a reference yield. The total includes the $30 consent payment which will only be paid to holders who tendered by the consent date.
For the $215.915 million 8½% senior subordinated notes due 2010 the reference yield will be 75 basis points over the 3 1/8% Treasury note due May 15, 2007; for the $321.6 million 8½% senior subordinated notes due 2011 the reference yield will be 75 basis points over the 2½% Treasury due May 31, 2006; for the $134 million 10 5/8% senior subordinated notes due 2012 the reference yield will be 75 basis points over the 3% Treasury due Nov. 15, 2007; and for the $250 million 6¼% senior notes due 2010 the reference yield will be 75 basis points over the 6½% Treasury due Feb. 15, 2010.
Enterprise Products also will pay accrued interest up to but not including the settlement date.
Lehman Brothers is lead dealer manager and lead solicitation agent (800 438-3242 or 212 528-7581). J.P. Morgan and Wachovia Securities are co-dealer managers and co-solicitation agents. D. F. King & Co. Inc. is the tender agent and information agent (800 487-4870 or 212 269-5550).
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