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Debt Obligations | 12 Months Ended
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Dec. 31, 2012
Debt Obligations [Abstract] |
Debt Obligations | Note 12. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|  | December 31, |
|  | 2012 |  |  | 2011 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, fixed-rates ranging from 0.30% to 0.50%, due January 2013 |  | $ | 346.6 |  |  | $ | -- |
Senior Notes S, 7.625% fixed-rate, due February 2012 |  |  | -- |  |  |  | 490.5 |
Senior Notes P, 4.60% fixed-rate, due August 2012 |  |  | -- |  |  |  | 500.0 |
Senior Notes C, 6.375% fixed-rate, due February 2013 |  |  | 350.0 |  |  |  | 350.0 |
Senior Notes T, 6.125% fixed-rate, due February 2013 |  |  | 182.5 |  |  |  | 182.5 |
Senior Notes M, 5.65% fixed-rate, due April 2013 |  |  | 400.0 |  |  |  | 400.0 |
Senior Notes U, 5.90% fixed-rate, due April 2013 |  |  | 237.6 |  |  |  | 237.6 |
Senior Notes O, 9.75% fixed-rate, due January 2014 |  |  | 500.0 |  |  |  | 500.0 |
Senior Notes G, 5.60% fixed-rate, due October 2014 |  |  | 650.0 |  |  |  | 650.0 |
Senior Notes I, 5.00% fixed-rate, due March 2015 |  |  | 250.0 |  |  |  | 250.0 |
Senior Notes X, 3.70% fixed-rate, due June 2015 |  |  | 400.0 |  |  |  | 400.0 |
Senior Notes FF, 1.25% fixed-rate, due August 2015 |  |  | 650.0 |  |  |  | -- |
Senior Notes AA, 3.20% fixed-rate, due February 2016 |  |  | 750.0 |  |  |  | 750.0 |
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due September 2016 |  |  | -- |  |  |  | 150.0 |
Senior Notes L, 6.30% fixed-rate, due September 2017 |  |  | 800.0 |  |  |  | 800.0 |
Senior Notes V, 6.65% fixed-rate, due April 2018 |  |  | 349.7 |  |  |  | 349.7 |
Senior Notes N, 6.50% fixed-rate, due January 2019 |  |  | 700.0 |  |  |  | 700.0 |
Senior Notes Q, 5.25% fixed-rate, due January 2020 |  |  | 500.0 |  |  |  | 500.0 |
Senior Notes Y, 5.20% fixed-rate, due September 2020 |  |  | 1,000.0 |  |  |  | 1,000.0 |
Senior Notes CC, 4.05% fixed-rate, due February 2022 |  |  | 650.0 |  |  |  | 650.0 |
Senior Notes D, 6.875% fixed-rate, due March 2033 |  |  | 500.0 |  |  |  | 500.0 |
Senior Notes H, 6.65% fixed-rate, due October 2034 |  |  | 350.0 |  |  |  | 350.0 |
Senior Notes J, 5.75% fixed-rate, due March 2035 |  |  | 250.0 |  |  |  | 250.0 |
Senior Notes W, 7.55% fixed-rate, due April 2038 |  |  | 399.6 |  |  |  | 399.6 |
Senior Notes R, 6.125% fixed-rate, due October 2039 |  |  | 600.0 |  |  |  | 600.0 |
Senior Notes Z, 6.45% fixed-rate, due September 2040 |  |  | 600.0 |  |  |  | 600.0 |
Senior Notes BB, 5.95% fixed-rate, due February 2041 |  |  | 750.0 |  |  |  | 750.0 |
Senior Notes DD, 5.70% fixed-rate, due February 2042 |  |  | 600.0 |  |  |  | 600.0 |
Senior Notes EE, 4.85% fixed-rate, due August 2042 |  |  | 750.0 |  |  |  | -- |
Senior Notes GG, 4.45% fixed-rate, due February 2043 |  |  | 1,100.0 |  |  |  | -- |
TEPPCO senior debt obligations: |  |  |  |  |  |  |  |
TEPPCO Senior Notes, 7.625% fixed-rate, due February 2012 |  |  | -- |  |  |  | 9.5 |
TEPPCO Senior Notes, 6.125% fixed-rate, due February 2013 |  |  | 17.5 |  |  |  | 17.5 |
TEPPCO Senior Notes, 5.90% fixed-rate, due April 2013 |  |  | 12.4 |  |  |  | 12.4 |
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018 |  |  | 0.3 |  |  |  | 0.3 |
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 |  |  | 0.4 |  |  |  | 0.4 |
Total principal amount of senior debt obligations |  |  | 14,646.6 |  |  |  | 12,950.0 |
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 |  |  | 550.0 |  |  |  | 550.0 |
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 |  |  | 285.8 |  |  |  | 285.8 |
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 |  |  | 682.7 |  |  |  | 682.7 |
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 |  |  | 14.2 |  |  |  | 14.2 |
Total principal amount of senior and junior debt obligations |  |  | 16,179.3 |  |  |  | 14,482.7 |
Other, non-principal amounts: |  |  |  |  |  |  |  |
Change in fair value of debt hedged in fair value hedging relationship (1) |  |  | 39.3 |  |  |  | 73.8 |
Unamortized discounts, net of premiums |  |  | (38.0 | ) |  |  | (30.0 | )
Other |  |  | 21.2 |  |  |  | 2.9 |
Total other, non-principal amounts |  |  | 22.5 |  |  |  | 46.7 |
Less current maturities of debt (2) |  |  | (1,546.6 | ) |  |  | (500.0 | )
Total long-term debt |  | $ | 14,655.2 |  |  | $ | 14,029.4 |
(1) See Note 6 for information regarding our interest rate hedging activities. (2) We expect to refinance the current maturities of our debt obligations at or prior to their maturity. |
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at December 31, 2012 for the next five years, and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | After 2017 |
Commercial Paper Notes |  | $ | 346.6 |  |  | $ | 346.6 |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Senior Notes |  |  | 14,300.0 |  |  |  | 1,200.0 |  |  |  | 1,150.0 |  |  |  | 1,300.0 |  |  |  | 750.0 |  |  |  | 800.0 |  |  |  | 9,100.0 |
Junior Subordinated Notes |  |  | 1,532.7 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 1,532.7 |
Total |  | $ | 16,179.3 |  |  | $ | 1,546.6 |  |  | $ | 1,150.0 |  |  | $ | 1,300.0 |  |  | $ | 750.0 |  |  | $ | 800.0 |  |  | $ | 10,632.7 |
On February 1, 2013, $350.0 million in principal amount of Senior Notes C, $182.5 million in principal amount of Senior Notes T, and $17.5 million in principal amount of TEPPCO's 6.125% Senior Notes matured and were repaid using proceeds from the sale of short-term notes under our commercial paper program. Parent-Subsidiary Guarantor Relationships Enterprise Products Partners L.P. acts as guarantor of the consolidated debt obligations of EPO with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. EPO Debt Obligations Commercial Paper Notes. In August 2012, EPO established a commercial paper program under which it may issue (and have outstanding at any time) up to $2.0 billion in the aggregate of short-term commercial paper notes. As of December 31, 2012, a total of $346.6 million of notes were outstanding under this program. These notes matured in January 2013. We intend to maintain a minimum available borrowing capacity under EPO's $3.5 Billion Multi-Year Revolving Credit Facility equal to any amount outstanding under commercial paper notes as a back-stop to the program. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by Enterprise Products Partners L.P. $3.5 Billion Multi-Year Revolving Credit Facility. In September 2011, EPO entered into a new $3.5 billion variable-rate multi-year revolving credit facility that matures in September 2016. Borrowings under this revolving credit facility may be used for working capital, capital expenditures, acquisitions and general company purposes. As defined by the credit agreement, variable interest rates charged under this revolving credit facility bear interest at LIBOR plus an applicable margin. In addition, EPO is required to pay a quarterly facility fee on each lender's commitment irrespective of commitment usage. This revolving credit facility allows us to request up to two one-year extensions of the maturity date, subject to lender approval. The total amount of the bank commitments may be increased, without the consent of the lenders, by an amount not exceeding $500 million by adding one or more lenders to the facility and/or requesting that the commitments of existing lenders be increased. The revolving credit facility contains certain financial and other customary affirmative and negative covenants. The credit agreement also restricts EPO's ability to pay cash distributions to Enterprise Products Partners L.P. if a default or an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid. EPO's borrowings under this revolving credit facility are unsecured general obligations that are guaranteed by Enterprise Products Partners L.P. and are non-recourse to Enterprise GP. Senior Notes. EPO's fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness. They are senior to any existing and future subordinated indebtedness of EPO. EPO's senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. In total, EPO issued $2.5 billion, $2.75 billion and $2.0 billion of senior notes during the years ended December 31, 2012, 2011 and 2010, respectively. In February 2012, EPO issued $750.0 million in principal amount of 30-year unsecured Senior Notes EE at 99.542% of their principal amount. Senior Notes EE have a fixed interest rate of 4.85% and mature on August 15, 2042. Net proceeds from the issuance of Senior Notes EE were used to repay amounts due upon the maturity of $490.5 million principal amount of EPO Senior Notes S due February 2012 and $9.5 million principal amount of TEPPCO Senior Notes due February 2012 and for general company purposes. In August 2012, EPO issued $650.0 million in principal amount of 3-year unsecured Senior Notes FF at 99.941% of their principal amount and $1.1 billion in principal amount of 30-year unsecured Senior Notes GG at 99.470% of their principal amount. Senior Notes FF have a fixed interest rate of 1.25% and mature on August 13, 2015, and Senior Notes GG have a fixed interest rate of 4.45% and mature on February 15, 2043. Net proceeds from the issuance of Senior Notes FF and GG were used to temporarily reduce borrowings under EPO's $3.5 Billion Multi-Year Revolving Credit Facility and for general company purposes. Junior Subordinated Notes. EPO's payment obligations under its junior notes are subordinated to all of its current and future senior indebtedness (as defined in the related indenture agreement). Enterprise Products Partners L.P. guarantees repayment of amounts due under these junior notes through an unsecured and subordinated guarantee. The indenture agreement governing these notes allows EPO to defer interest payments on one or more occasions for up to ten consecutive years subject to certain conditions. Subject to certain exceptions, during any period in which interest payments are deferred, neither we nor EPO can declare or make any distributions on any of our respective equity securities or make any payments on indebtedness or other obligations that rank equal with or are subordinate to our junior notes. Each series of our junior notes rank equal with each other. Generally, each series of junior notes are not redeemable by EPO absent payment of a make-whole premium (while such notes bear interest at a fixed annual rate). In connection with the issuance of each series of junior notes, EPO entered into separate Replacement Capital Covenants in favor of covered debt holders (as defined in the underlying documents) pursuant to which EPO agreed, for the benefit of such debt holders, that it would not redeem or repurchase such junior notes unless such redemption or repurchase is made using proceeds from the issuance of certain securities. The following table summarizes the interest rate terms of our junior subordinated notes:
Series | Fixed Annual Interest Rate | Variable Annual Interest Rate Thereafter
Junior Subordinated Notes A | 8.375% through August 2016 (1) | 3-month LIBOR rate + 3.708% (4)
Junior Subordinated Notes B | 7.034% through January 2018 (2) | Greater of: (i) 3-month LIBOR rate + 2.68% or (ii) 7.034% (5)
Junior Subordinated Notes C | 7.00% through June 2017 (3) | 3-month LIBOR rate + 2.778% (6)
(1) Interest is payable semi-annually in arrears in February and August of each year, which commenced in February 2007. (2) Interest is payable semi-annually in arrears in January and July of each year, which commenced in January 2008. (3) Interest is payable semi-annually in arrears in June and December of each year, which commenced in December 2009. (4) Interest is payable quarterly in arrears in February, May, August and November of each year commencing in November 2016. (5) Interest is payable quarterly in arrears in January, April, July and October of each year commencing in April 2018. (6) Interest is payable quarterly in arrears in March, June, September and December of each year commencing in June 2017.
Remaining TEPPCO Debt Obligations In October 2009, substantially all of the senior notes and junior subordinated notes of TEPPCO were exchanged for an equal amount of new EPO senior notes and junior subordinated notes. A small number of the original TEPPCO notes were not presented for exchange and remain outstanding. In connection with the October 2009 debt exchange, substantially all of the restrictive covenants and reporting requirements associated with the remaining TEPPCO notes were eliminated. Letters of Credit At December 31, 2012, EPO had $37.5 million in letters of credit outstanding related to its commodity derivative instruments. These letters of credit do not reduce the amount available for borrowing under EPO's $3.5 Billion Multi-Year Revolving Credit Facility. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at December 31, 2012. Information Regarding Variable Interest Rates Paid The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2012:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
EPO $3.5 Billion Multi-Year Revolving Credit Facility | 1.51% to 3.63% | 1.59%

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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