Enterprise Completes Bank Credit Refinancing.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 22, 2000 Enterprise Products Partners L.P. (NYSE NYSE See: New York Stock Exchange :EPD EPD expected progeny difference. ) announced that its operating partnership, Enterprise Products Operating L.P., has completed the syndication of a $400 million 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 with a group of fifteen commercial banks. This new facility replaces Enterprise's $350 million bank credit facility which was terminated upon execution of the definitive loan documents. The $400 million facility is composed of a $250 million 5-year credit agreement and a $150 million 364-day agreement, each of which may be extended subject to certain conditions. Each credit facility is guaranteed by Enterprise Products Partners L.P. First Union Securities Inc. and Chase Securities Inc. served as Joint Lead Arrangers of the new facility. The credit agreements include First Union National Bank as the Administrative Agent, Bank One, NA as the Documentation Agent and The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. as the Syndication Agent. Enterprise Products Partners L.P. is the second largest, midstream energy publicly traded partnership Publicly Traded Partnership A limited partnership that also has interests traded in the equity securities market. Notes: This is also known as a master limited partnership. See also: Master Limited Partnership, Partnership, Public Company with an enterprise value of approximately $2.8 billion. Enterprise is a leading integrated provider of processing, 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. , storage, transportation and terminalling services to producers and consumers of natural gas liquids ("NGLs") and other liquid hydrocarbons. The Company's assets are geographically focused on the United States' Gulf Coast, which accounts for approximately 55 percent of domestic NGL NGL - A dialect of IGL. production and 75 percent of domestic NGL demand. This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company, as well as assumptions made by, and information currently available to, management. Although Enterprise believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. |
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