ENTERPRISE PRODUCTS PARTNERS L.P. (EPD): debt financing — EPO enters $1.5B 364-day and $2.7B five-year revolving credit facilities

ENTERPRISE PRODUCTS PARTNERS L.P.

$1.5B 364-day facility (expandable to $1.7B) matures March 29, 2024, with possible 1-year term loan extension.
$2.7B five-year facility (expandable to $3.2B) matures March 31, 2028; extendable with lender consent.
Facilities are unsecured, guaranteed by EPD; proceeds for working capital, capex, acquisitions, and other purposes.
No borrowings outstanding under the new facilities as of March 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ENTERPRISE PRODUCTS PARTNERS L.P. incurred revolving credit of $2.7 billion with Wells Fargo Bank, National Association maturing March 31, 2028.

Instrument: revolving credit
Principal: $2.7 billion
Counterparty: Wells Fargo Bank, National Association
Maturity: March 31, 2028
Event: incurrence

Exact text from the filing

On March 31, 2023, EPO entered into a Revolving Credit Agreement among EPO, as Borrower, the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, and certain financial institutions named therein, as Co-Syndication Agents and Co-Documentation Agents (the “Multi-Year Credit Agreement”). Under the terms of the Multi-Year Credit Agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of five years, subject to the terms and conditions set forth therein.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ENTERPRISE PRODUCTS PARTNERS L.P. incurred revolving credit of $1.5 billion with Citibank, N.A. maturing March 29, 2024.

Instrument: revolving credit
Principal: $1.5 billion
Counterparty: Citibank, N.A.
Maturity: March 29, 2024
Event: incurrence

Exact text from the filing

On March 31, 2023, Enterprise Products Operating LLC, a Texas limited liability company (“EPO”) and the operating subsidiary of Enterprise Products Partners L.P., a Delaware limited partnership (the “Partnership”), entered into a 364-Day Revolving Credit Agreement among EPO, as Borrower, the Lenders party thereto, Citibank, N.A., as Administrative Agent, and certain financial institutions named therein, as Co-Syndication Agents and Co-Documentation Agents (the “364-Day Credit Agreement”). Under the terms of the 364-Day Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of 364 days, subject to the terms and conditions set forth therein.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

ENTERPRISE PRODUCTS PARTNERS L.P. entered into Multi-Year Revolving Credit Agreement with Wells Fargo Bank, National Association valued at up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election, (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election,
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, EPO entered into a Revolving Credit Agreement among EPO, as Borrower, the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, and certain financial institutions named therein, as Co-Syndication Agents and Co-Documentation Agents (the “Multi-Year Credit Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ENTERPRISE PRODUCTS PARTNERS L.P. entered into 364-Day Guaranty Agreement with Enterprise Products Partners L.P. valued at Guaranty of the Partnership for EPO's obligations under the 364-Day Credit Agreement (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: Enterprise Products Partners L.P.
Value: Guaranty of the Partnership for EPO's obligations under the 364-Day Credit Agreement
Effective: 2023-03-31

Exact text from the filing

EPO’s obligations under the 364-Day Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership pursuant to a Guaranty Agreement (the “364-Day Guaranty Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ENTERPRISE PRODUCTS PARTNERS L.P. entered into Multi-Year Guaranty Agreement with Enterprise Products Partners L.P. valued at Guaranty of the Partnership for EPO's obligations under the Multi-Year Credit Agreement (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: Enterprise Products Partners L.P.
Value: Guaranty of the Partnership for EPO's obligations under the Multi-Year Credit Agreement
Effective: 2023-03-31

Exact text from the filing

EPO’s obligations under the Multi-Year Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership pursuant to a Guaranty Agreement (the “Multi-Year Guaranty Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

ENTERPRISE PRODUCTS PARTNERS L.P. entered into 364-Day Revolving Credit Agreement with Citibank, N.A. valued at up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A.
Value: up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election,
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, Enterprise Products Operating LLC, a Texas limited liability company (“EPO”) and the operating subsidiary of Enterprise Products Partners L.P., a Delaware limited partnership (the “Partnership”), entered into a 364-Day Revolving Credit Agreement among EPO, as Borrower, the Lenders party thereto, Citibank, N.A., as Administrative Agent, and certain financial institutions named therein, as Co-Syndication Agents and Co-Documentation Agents (the “364-Day Credit Agreement”).

View on SEC.gov

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ENTERPRISE PRODUCTS PARTNERS L.P. filing history →

Source: SEC EDGAR

accession 0001193125-23-088132

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