Enterprise Products to repay 364-day credit agreement with new notes

By Tali Rackner

Norfolk, Va., Oct. 2 – Enterprise Products Operating LLC plans to use the proceeds from new senior notes offerings for the repayment of amounts outstanding under its 364-day credit agreement, according to a 424B3 filing with the Securities and Exchange Commission.

As of Wednesday, there was $1.5 billion of borrowings outstanding under the 364-day credit agreement, which bears interest on a weighted-average basis of roughly 1.15% per annum.

Borrowings under the agreement mature in September 2015, although Enterprise Products may elect to have the entire principal balance then outstanding under the agreement continued as non-revolving term loans for an additional year, payable in September 2016.

The natural gas and crude oil pipeline company is based in Houston.

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