Enterprise Products gets $1.5 billion 364-day replacement revolver

By Wendy Van Sickle

Columbus, Ohio, Sept. 11 – Enterprise Products Partners LP’s operating subsidiary, Enterprise Products Operating LLC, entered into a $1.5 billion 364-day revolving credit agreement on Tuesday and amended its multi-year revolver to reduce the capacity by $500 million to $3.5 billion and extend its maturity, according to an 8-K filing with the Securities and Exchange Commission.

The new credit agreement replaces the company’s existing $2 billion 364-day revolving credit agreement dated Sept. 12, 2018.

The new credit facility may be increased by up to $200 million to $1.7 billion at the company’s election.

Amounts borrowed mature on Sept. 8, 2020. However, Enterprise may, between 15 days and 60 days prior to the maturity date, elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable on Sept. 8, 2021.

Pricing is based on the company’s senior debt credit rating. Interest is equal to Libor plus a spread of 81.5 basis points to 112.5 bps, and the facility fee ranges from 6 bps to 15 bps.

Citibank, NA, Barclays Bank plc, JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corp., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, Bank of Nova Scotia, Houston Branch and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. Citibank is administrative agent; JPMorgan Chase Bank, Mizuho Bank, MUFG, SunTrust Bank and Wells Fargo Bank, NA are co-syndication agents.

Barclays Bank, Royal Bank of Canada, Sumitomo Mitsui Banking, SunTrust Bank, Scotiabank and Toronto-Dominion Bank, New York Branch are co-documentation agents.

For the multi-year revolver, Wells Fargo is administrative agent. That revolver’s maturity was extended to Sept. 10, 2024 and has a one-year extension option, as well as an option to increase capacity by $500 million.

Enterprise is a midstream energy services provider based in Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.