Enterprise Products Operating LLC
06/17/2025 | Press release | Distributed by Public on 06/17/2025 14:50
Free Writing Prospectus (Form FWP)
Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated June 17, 2025
Registration Statement No. 333-283172
Registration Statement No. 333-283172-01
Enterprise Products Operating LLC
Enterprise Products Partners L.P.
PRICING TERM SHEET
The information in this pricing supplement supplements the preliminary prospectus supplement, dated June 17, 2025 (the "Preliminary Prospectus Supplement") and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement.
| Issuer: | Enterprise Products Operating LLC | |||||
| Guarantee: | Unconditionally guaranteed by Enterprise Products Partners L.P. | |||||
| Ratings*: |
A3 by Moody's Investors Service, Inc. A- by S&P Global Ratings A- by Fitch Ratings Inc. |
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| Note Type: | Senior Unsecured Notes | |||||
| Legal Format: | SEC Registered | |||||
| Trade Date: | June 17, 2025 | |||||
| Expected Settlement Date**: | June 20, 2025 (T+2) | |||||
| Net Proceeds (after underwriting discounts and $5.2 million of other offering expenses): | $1,979,127,500 | |||||
|
$500,000,000 4.30% Senior Notes Due 2028 (the "2028 Notes") |
$750,000,000 4.60% Senior Notes Due 2031 (the "2031 Notes") |
$750,000,000 5.20% Senior Notes Due 2036 (the "2036 Notes") |
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| Principal Amount: | $500,000,000 | $750,000,000 | $750,000,000 | |||
| Maturity Date: | June 20, 2028 | January 15, 2031 | January 15, 2036 | |||
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| Benchmark Treasury: | 3.875% due June 15, 2028 | 4.000% due May 31, 2030 | 4.250% due May 15, 2035 | |||
| Benchmark Treasury Yield: | 3.897% | 3.987% | 4.391% | |||
| Spread to Benchmark Treasury: | +45 bps | +65 bps | +85 bps | |||
| Yield to Maturity: | 4.347% | 4.637% | 5.241% | |||
| Coupon: | 4.30% | 4.60% | 5.20% | |||
| Price to Public: | 99.869% of the principal amount | 99.816% of the principal amount | 99.665% of the principal amount | |||
| Make-Whole Call: | T + 10 bps | T + 10 bps | T + 15 bps | |||
| Call at Par: | On or after May 20, 2028 | On or after December 15, 2030 | On or after October 15, 2035 | |||
| Interest Payment Dates: | June 20 and December 20, beginning December 20, 2025 | January 15 and July 15, beginning January 15, 2026 | January 15 and July 15, beginning January 15, 2026 | |||
| CUSIP / ISIN: | 29379VCJ0 / US29379VCJ08 | 29379VCK7 / US29379VCK70 | 29379VCL5 / US29379VCL53 | |||
| Joint Book-Running Managers: |
Citigroup Global Markets Inc. BBVA Securities Inc. Deutsche Bank Securities Inc. Scotia Capital (USA) Inc. TD Securities (USA) LLC Credit Agricole Securities (USA) Inc. MUFG Securities Americas Inc. PNC Capital Markets LLC SG Americas Securities, LLC U.S. Bancorp Investments, Inc. |
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| Co-Managers: |
Barclays Capital Inc. BofA Securities, Inc. BMO Capital Markets Corp. J.P. Morgan Securities LLC Mizuho Securities USA LLC Morgan Stanley & Co. LLC RBC Capital Markets, LLC SMBC Nikko Securities America, Inc. Truist Securities, Inc. Wells Fargo Securities, LLC |
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| * |
Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time. |
| ** |
We expect delivery of the 2028 Notes, the 2031 Notes and the 2036 Notes will be made against payment therefor on or about June 20, 2025, which is the second business day following the date of pricing of such notes (such settlement being referred to as "T+2"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the 2028 Notes, the 2031 Notes and/or the 2036 Notes prior to the first trading day prior to the closing of this offering will be required, by virtue of the fact that such notes initially will settle in T+2, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers. |
The Issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and any other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC's website at http://www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Citigroup Global Markets Inc. at (800) 831-9146, BBVA Securities Inc. at (800) 422-8692, Deutsche Bank Securities Inc. at (800) 503-4611, Scotia Capital (USA) Inc. at (800) 372-3930 and TD Securities (USA) LLC at (855) 495-9846.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.
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Enterprise Products Operating LLC published this content on June 17, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on June 17, 2025 at 20:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io