Enterprise Prices $1.65 Billion of Senior Notes

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11/10/2025 – 05:50 PM

HOUSTON – Enterprise Products Partners L.P. (NYSE:EPD) is tapping the debt markets, announcing a public offering of $1.65 billion in aggregate principal amount of senior notes, according to a company statement. The offering, executed through its operating subsidiary Enterprise Products Operating LLC (EPO), is divided into three tranches with varying maturities and interest rates.

The breakdown includes $300 million in notes due June 20, 2028; $600 million in notes due January 15, 2031; and $750 million in notes due January 15, 2036. These are reopened series, meaning they’ll be combined with existing notes issued earlier in June 2025, creating larger, more liquid tranches.

Specifically, the 2028 notes will be issued at 100.630% of their principal amount, carrying a 4.30% coupon; the 2031 notes at 100.693% with a 4.60% coupon; and the 2036 notes at 101.185% with a 5.20% coupon. Enterprise Products Partners L.P. will guarantee the senior notes unconditionally.

Proceeds from the offering are earmarked for a dual purpose. The company intends to use the funds for general corporate purposes, including growth capital investments and potential acquisitions, signaling its intent to expand its footprint in the midstream energy sector. A significant portion will also go toward repaying existing debt, specifically the $750 million 5.05% Senior Notes maturing in January 2026, the $875 million 3.70% Senior Notes maturing in February 2026, and outstanding amounts under EPO’s commercial paper program. This strategic refinancing aims to optimize the company’s balance sheet and potentially lower its overall borrowing costs given current interest rate conditions.

The offering is being managed by a consortium of leading investment banks, including BofA Securities, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, and Truist Securities, Inc. The involvement of these firms underscores the strong investor interest in Enterprise Products Partners and its creditworthiness in the current market environment. The offering is expected to close on November 14, 2025, pending customary closing conditions.

This debt issuance reflects the ongoing capital expenditure requirements within the midstream energy sector, as companies like Enterprise Products Partners invest in infrastructure to support the transportation, processing, and storage of hydrocarbons. Access to capital markets is crucial for these companies to maintain and expand their operations and to capitalize on growth opportunities arising from shifts in energy production and demand.

Enterprise Products Partners L.P., a publicly traded partnership, boasts a substantial network of assets, including over 50,000 miles of pipelines and extensive storage capacity for natural gas, NGLs, crude oil, refined products, and petrochemicals. Its diversified operations across the midstream value chain position it as a key player in the North American energy landscape. The company’s financial performance is closely tied to commodity prices, throughput volumes, and the overall health of the energy sector. This offering provides Enterprise with financial flexibility to navigate the cyclical nature of the energy market and to pursue strategic growth initiatives.

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