UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On August 8, 2024, Enterprise Products Partners L.P. (the “Partnership”), Enterprise Products OLPGP, Inc. and Enterprise Products Operating LLC (“EPO”) completed the public offering of $1.1 billion principal amount of EPO’s 4.95% senior notes due 2035 (the “Senior Notes JJJ”) and $1.4 billion principal amount of EPO’s 5.55% senior notes due 2055 (the “Senior Notes KKK” and, together with the Senior Notes JJJ, the “Notes”). Pursuant to the indentures described below, the Notes are guaranteed on an unsecured and unsubordinated basis by the Partnership pursuant to a guarantee (the “Guarantee” and, together with the Notes, the “Securities”).
The offering of the Securities has been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a Registration Statement on Form S-3 (Registration Nos. 333-261416 and 333-261416-01) (the “Registration Statement”), as supplemented by the Prospectus Supplement dated August 1, 2024, relating to the Securities, filed with the United States Securities and Exchange Commission (the “SEC”) on August 2, 2024, pursuant to Rule 424(b) of the Securities Act (together with the accompanying prospectus dated November 30, 2021, the “Prospectus”).
The Securities were issued under (a) the Indenture, dated as of October 4, 2004 (the “Original Indenture”), among EPO (as successor to Enterprise Products Operating L.P.), as issuer, the Partnership, as parent guarantor, and Wells Fargo Bank, National Association, as trustee (the “Original Trustee”), as amended and supplemented by (i) the Tenth Supplemental Indenture, dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), providing for EPO as the successor issuer, and (ii) the Thirty-Sixth Supplemental Indenture, dated as of September 15, 2021 (the “Thirty-Sixth Supplemental Indenture”), among EPO, as issuer, the Partnership, as parent guarantor, the Original Trustee and U.S. Bank National Association, as separate trustee for the notes issued thereunder and debt securities subsequently issued under the Original Indenture (and as predecessor-in-interest to the Series Trustee (as defined below)), and (b) the Thirty-Ninth Supplemental Indenture, dated as of August 8, 2024 (the “Thirty-Ninth Supplemental Indenture” and, together with the Tenth Supplemental Indenture and the Thirty-Sixth Supplemental Indenture, the “Supplemental Indentures”), among EPO, as issuer, the Partnership, as parent guarantor, and U.S. Bank Trust Company, National Association, as trustee (the “Series Trustee”).
Interest will accrue at a rate of 4.95% per annum for the Senior Notes JJJ and 5.55% per annum for the Senior Notes KKK, in each case, from August 8, 2024. Interest on the Senior Notes JJJ is payable on February 15 and August 15 of each year, commencing February 15, 2025, and interest on the Senior Notes KKK is payable on February 16 and August 16 of each year, commencing February 16, 2025. The Senior Notes JJJ mature on February 15, 2035 and the Senior Notes KKK mature on February 16, 2055. The Notes also provide that at any time prior to November 15, 2034, in the case of the Senior Notes JJJ (such date, the “Senior Notes JJJ Par Call Date”), and prior to August 16, 2054, in the case of the Senior Notes KKK (such date, the “Senior Notes KKK Par Call Date”), EPO may redeem some or all of the Notes at the applicable redemption price that includes accrued and unpaid interest and a make-whole premium. The make-whole premium is calculated based on the principal and interest that would have been due if the notes had matured on the Senior Notes JJJ Par Call Date, in the case of the Senior Notes JJJ, or on the Senior Notes KKK Par Call Date, in the case of the Senior Notes KKK. At any time on or after the Senior Notes JJJ Par Call Date (in the case of the Senior Notes JJJ) or the Senior Notes KKK Par Call Date (in the case of the Senior Notes KKK), EPO may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest.
The terms of the Securities, the Original Indenture and the Supplemental Indentures are further described in the Prospectus under the captions “Description of the Notes” and “Description of Debt Securities,” which descriptions are incorporated herein by reference to Exhibit 99.1 to the Partnership’s Current Report on Form 8-K filed with the SEC on August 5, 2024. Such descriptions do not purport to be complete and are qualified by reference to the Original Indenture, which is filed as Exhibit 4.1 hereto; the Tenth Supplemental Indenture, which is filed as Exhibit 4.2 hereto; the Thirty-Sixth Supplemental Indenture, which is filed as Exhibit 4.3 hereto; and the Thirty-Ninth Supplemental Indenture, which is filed as Exhibit 4.4 hereto, each of which are incorporated by reference herein.
| Item 8.01 | Other Events. |
Certain legal opinions related to the Registration Statement are filed herewith as Exhibit 5.1.
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| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENTERPRISE PRODUCTS PARTNERS L.P. | ||||||
| By: | Enterprise Products Holdings LLC, | |||||
| its General Partner | ||||||
| Date: August 8, 2024 | By: | /s/ R. Daniel Boss | ||||
| Name: | R. Daniel Boss | |||||
| Title: | Executive Vice President and Chief Financial Officer of the General Partner | |||||
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