Enterprise Completes Amendment of Revolving Credit Facility.HOUSTON -- Enterprise Products Partners L.P. (NYSE NYSE See: New York Stock Exchange :EPD EPD expected progeny difference. ) announced today that its operating partnership, Enterprise Products Operating L.P., has completed an amendment to its multi-year revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The significant terms of the amendment are described below. Total bank commitments increased from $750 million to $1.25 billion. The amendment also provided that the commitments under the credit facility may be increased up to a maximum of $1.4 billion upon the request of the partnership and subject to the approval of the Administrative Agent and the satisfaction of certain conditions. The amendment also reduced the total of the facility fee and the Eurodollar borrowing rate currently in effect by 0.375%. The maturity date of the credit facility was extended from September 30, 2009 to October 5, 2010. Also under the terms of the amendment, the partnership may request up to two one-year extensions of the maturity date. These requested extensions will become effective subject to lender approval and satisfaction of certain other conditions. The amendment also removed the $100 million limit on the total amount of standby letters of credit that can be outstanding under the credit facility. "We are pleased to complete this amendment which provides our partnership with additional financial flexibility and reduces our short-term cost of capital," stated Robert G. Phillips, President and Chief Executive Officer of Enterprise. "The increase in the size of the credit facility and the other amendments to the facility provide additional support as the partnership pursues its growth objectives." The Administrative Agent for the credit facility is Wachovia Bank, National Association. The Co-Syndication Agents are Citibank, N.A. and JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. Bank and the Co-Documentation Agents are Mizuho Corporate Bank, Ltd., SunTrust Bank and The Bank of Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography . The joint lead arrangers Lead arranger The senior tier of arranger are Wachovia Capital Markets, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ; Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of over $14 billion, and is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. provider of midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. energy services to producers and consumers of natural gas, natural gas liquids ("NGLs") and crude oil. Enterprise transports natural gas, NGLs and crude oil through 32,500 miles of onshore and offshore pipelines and is an industry leader in the development of midstream infrastructure in the Deepwater Trend of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Services include natural gas transportation, gathering, processing and storage; NGL NGL - A dialect of IGL. fractionation fractionation /frac·tion·a·tion/ (frak?shun-a´shun) 1. in radiology, division of the total dose of radiation into small doses administered at intervals. 2. (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE EPE equine pituitary extract. ). For more information on Enterprise GP Holdings L.P., visit its website at www.enterprisegp.com This press release contains various forward-looking statements and information that are based on Enterprise's beliefs and those of its general partner, as well as assumptions made by and information currently available to Enterprise. When used in this press release, words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "intend," "could," "believe," "may," and similar expressions and statements regarding the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Enterprise's actual results may vary materially from those Enterprise anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on Enterprise's results of operations and financial condition are: --fluctuations in oil, natural gas and NGL prices and production due to weather and other natural and economic forces; --the effects of the combined company's debt level on its future financial and operating flexibility; --a reduction in demand for its products by the petrochemical, refining or heating industries; --a decline in the volumes of NGLs delivered by its facilities; --the failure of its credit risk management efforts to adequately protect it against customer non-payment; --terrorist attacks aimed at its facilities; and, --the failure to successfully integrate our operations with companies, if any we may acquire in the future. Enterprise has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. |
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