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Enterprise Products (EPD) Announces Pricing of $1B Senior Notes

Enterprise Products Partners LP EPD announced the pricing of senior notes by its operating subsidiary, Enterprise Products Operating LLC.

The Senior Notes EEE with $1 billion of principal amount will be priced at 99.17% of their principal amount. The notes are scheduled to mature by Feb 15, 2053, and will carry a fixed-rate interest coupon of 3.30%. The offering of the notes is likely to settle on Sep 15, 2021. Enterprise Products Partners said that the senior notes will be guaranteed unconditionally on an unsecured and unsubordinated basis.

The net proceeds from the offerings will likely get allocated for general company purposes, comprising growth capital investment and repayment of debt. By debt repayment, the partnership will be repaying part of its $750 million of Senior Notes VV that carries an interest rate of 3.5% and will mature in February 2022. A portion of its $650 million principal amount of Senior Notes CC – carrying an interest rate of 4.05% – are also likely to mature in February 2022 and will also be repaid.

Headquartered in Houston, TX, Enterprise Products Partners currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include Whiting Petroleum Corporation WLL, Continental Resources, Inc. CLR and PDC Energy, Inc. PDCE. While Whiting Petroleum and Continental Resources sport a Zacks Rank #1 (Strong Buy), PDC Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

Continental is expected to witness earnings growth of 428.2% in 2021.

PDC Energy is likely to see earnings growth of 198% in 2021.

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