Enterprise Products to price $300 million fixed-to-floating 60-year notes this week

By Paul A. Harris

St. Louis, July 11 - Enterprise Products Partners LP is expected to price a $300 million offering of 60-year fixed-rate to floating-rate junior subordinated notes (Ba1/B+/BB+) later this week, according to a market source.

Wachovia Securities is the bookrunner and structuring adviser for the off-the-shelf deal. Lehman Brothers in the joint bookrunner. UBS Investment Bank is the co-manager.

The notes will pay a fixed rate of interest until 2016, after which the interest rate will float at a percentage above three-month Libor. There will be 10 years of call protection.

Interest can be deferred for up to 10 years.

Proceeds will be used to temporarily reduce multi-year revolver debt and for general partnership purposes.

Houston-based Enterprise Products provides processing, transportation and storage services to the natural gas, natural gas liquids and crude oil industries.

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