| Consolidated Debt Obligations |
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
EPO senior debt obligations: |
|
|
|
|
|
|
Commercial Paper Notes, variable-rates |
|
$ |
495 |
|
|
$ |
– |
|
Senior Notes VV, 3.50% fixed-rate, due February 2022 |
|
|
– |
|
|
|
750 |
|
Senior Notes CC, 4.05% fixed-rate, due February 2022 |
|
|
– |
|
|
|
650 |
|
Senior Notes HH, 3.35% fixed-rate, due March 2023 |
|
|
1,250 |
|
|
|
1,250 |
|
September 2022 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due September 2023 (1) |
|
|
– |
|
|
|
– |
|
Senior Notes JJ, 3.90% fixed-rate, due February 2024 |
|
|
850 |
|
|
|
850 |
|
Senior Notes MM, 3.75% fixed-rate, due February 2025 |
|
|
1,150 |
|
|
|
1,150 |
|
Senior Notes PP, 3.70% fixed-rate, due February 2026 |
|
|
875 |
|
|
|
875 |
|
September 2021 $3.0 Billion Multi-Year Revolving Credit Agreement, variable-rate, due September 2026 (2) |
|
|
– |
|
|
|
– |
|
Senior Notes SS, 3.95% fixed-rate, due February 2027 |
|
|
575 |
|
|
|
575 |
|
Senior Notes WW, 4.15% fixed-rate, due October 2028 |
|
|
1,000 |
|
|
|
1,000 |
|
Senior Notes YY, 3.125% fixed-rate, due July 2029 |
|
|
1,250 |
|
|
|
1,250 |
|
Senior Notes AAA, 2.80% fixed-rate, due January 2030 |
|
|
1,250 |
|
|
|
1,250 |
|
Senior Notes D, 6.875% fixed-rate, due March 2033 |
|
|
500 |
|
|
|
500 |
|
Senior Notes H, 6.65% fixed-rate, due October 2034 |
|
|
350 |
|
|
|
350 |
|
Senior Notes J, 5.75% fixed-rate, due March 2035 |
|
|
250 |
|
|
|
250 |
|
Senior Notes W, 7.55% fixed-rate, due April 2038 |
|
|
400 |
|
|
|
400 |
|
Senior Notes R, 6.125% fixed-rate, due October 2039 |
|
|
600 |
|
|
|
600 |
|
Senior Notes Z, 6.45% fixed-rate, due September 2040 |
|
|
600 |
|
|
|
600 |
|
Senior Notes BB, 5.95% fixed-rate, due February 2041 |
|
|
750 |
|
|
|
750 |
|
Senior Notes DD, 5.70% fixed-rate, due February 2042 |
|
|
600 |
|
|
|
600 |
|
Senior Notes EE, 4.85% fixed-rate, due August 2042 |
|
|
750 |
|
|
|
750 |
|
Senior Notes GG, 4.45% fixed-rate, due February 2043 |
|
|
1,100 |
|
|
|
1,100 |
|
Senior Notes II, 4.85% fixed-rate, due March 2044 |
|
|
1,400 |
|
|
|
1,400 |
|
Senior Notes KK, 5.10% fixed-rate, due February 2045 |
|
|
1,150 |
|
|
|
1,150 |
|
Senior Notes QQ, 4.90% fixed-rate, due May 2046 |
|
|
975 |
|
|
|
975 |
|
Senior Notes UU, 4.25% fixed-rate, due February 2048 |
|
|
1,250 |
|
|
|
1,250 |
|
Senior Notes XX, 4.80% fixed-rate, due February 2049 |
|
|
1,250 |
|
|
|
1,250 |
|
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 |
|
|
1,250 |
|
|
|
1,250 |
|
Senior Notes BBB, 3.70% fixed-rate, due January 2051 |
|
|
1,000 |
|
|
|
1,000 |
|
Senior Notes DDD, 3.20% fixed-rate, due February 2052 |
|
|
1,000 |
|
|
|
1,000 |
|
Senior Notes EEE, 3.30% fixed-rate, due February 2053 |
|
|
1,000 |
|
|
|
1,000 |
|
Senior Notes NN, 4.95% fixed-rate, due October 2054 |
|
|
400 |
|
|
|
400 |
|
Senior Notes CCC, 3.95% fixed rate, due January 2060 |
|
|
1,000 |
|
|
|
1,000 |
|
Total principal amount of senior debt obligations |
|
|
26,270 |
|
|
|
27,175 |
|
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3) |
|
|
232 |
|
|
|
232 |
|
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (4) |
|
|
350 |
|
|
|
700 |
|
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) |
|
|
1,000 |
|
|
|
1,000 |
|
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6) |
|
|
700 |
|
|
|
700 |
|
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (3) |
|
|
14 |
|
|
|
14 |
|
Total principal amount of senior and junior debt obligations |
|
|
28,566 |
|
|
|
29,821 |
|
Other, non-principal amounts |
|
|
(271 |
) |
|
|
(286 |
) |
Less current maturities of debt |
|
|
(1,744 |
) |
|
|
(1,400 |
) |
Total long-term debt |
|
$ |
26,551 |
|
|
$ |
28,135 |
|
(1) |
Under the terms of the 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). |
(2) |
Under the terms of the agreement, EPO may borrow up to $3.0 billion (which may be increased by up to $500 million to $3.5 billion at EPO’s election provided certain conditions are met). |
(3) |
Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate (“LIBOR”) plus 2.778%. |
(4) |
Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. |
(5) |
Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. |
(6) |
Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2022:
|
Range of Interest Rates Paid |
Weighted-Average Interest Rate Paid |
Commercial Paper Notes |
0.20% to 4.65% |
2.07% |
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes |
2.95% to 7.54% |
4.51% |
EPO Junior Subordinated Notes D |
5.91% to 7.63% |
6.43% |
|