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Debt Obligations | 9 Months Ended
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Sep. 30, 2014
Debt Obligations [Abstract] |
Debt Obligations | Note 9. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|  | September 30, 2014 |  |  | December 31, 2013 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, fixed-rates (1) |  | $ | 1,290.0 |  |  | $ | 475.0 |
Senior Notes O, 9.75% fixed-rate, due January 2014 |  |  | -- |  |  |  | 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 |  |  |  | 650.0 |
$1.5 Billion 364-Day Credit Agreement, variable-rate, due September 2015 |  |  | -- |  |  |  | -- |
Senior Notes AA, 3.20% fixed-rate, due February 2016 |  |  | 750.0 |  |  |  | 750.0 |
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 |
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due June 2018 |  |  | -- |  |  |  | -- |
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 HH, 3.35% fixed-rate, due March 2023 |  |  | 1,250.0 |  |  |  | 1,250.0 |
Senior Notes JJ, 3.90% fixed-rate, due February 2024 |  |  | 850.0 |  |  |  | -- |
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 |  |  |  | 750.0 |
Senior Notes GG, 4.45% fixed-rate, due February 2043 |  |  | 1,100.0 |  |  |  | 1,100.0 |
Senior Notes II, 4.85% fixed-rate, due March 2044 |  |  | 1,000.0 |  |  |  | 1,000.0 |
Senior Notes KK, 5.10% fixed-rate, due February 2045 |  |  | 1,150.0 |  |  |  | -- |
TEPPCO senior debt obligations: |  |  |  |  |  |  |  |
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 |  |  | 18,140.0 |  |  |  | 15,825.0 |
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (2) |  |  | 550.0 |  |  |  | 550.0 |
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (3) |  |  | 285.8 |  |  |  | 285.8 |
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (4) |  |  | 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 |  |  | 19,672.7 |  |  |  | 17,357.7 |
Other, non-principal amounts |  |  | (26.3 | ) |  |  | (6.2 | )
Less current maturities of debt (5) |  |  | (1,939.9 | ) |  |  | (1,125.0 | )
Total long-term debt |  | $ | 17,706.5 |  |  | $ | 16,226.5 |
(1) Principal amounts outstanding at September 30, 2014 have fixed rates ranging from 0.22% and 0.29% and are due in October 2014. |
(2) Fixed rate of 8.375% through August 1, 2016; thereafter, variable rate based on 3-month LIBOR plus 3.7075%. |
(3) Fixed rate of 7.0% through September 1, 2017; thereafter, variable rate based on 3-month LIBOR plus 2.7775%. |
(4) Fixed rate of 7.034% through January 15, 2018; thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.68%. |
(5) We expect to refinance the current maturities of our debt obligations at or prior to their maturity. Long-term and current maturities of debt reflect the classification of such obligations at September 30, 2014 after taking into consideration the long-term refinancing of Senior Notes G and $650 million of Commercial Paper Notes using proceeds from the issuance of senior notes in October 2014 (see Note 18). |
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at September 30, 2014 for the next five years, and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | Remainder of 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | After 2018 |
Commercial Paper |  | $ | 1,290.0 |  |  | $ | 1,290.0 |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Senior Notes |  |  | 16,850.0 |  |  |  | 650.0 |  |  |  | 1,300.0 |  |  |  | 750.0 |  |  |  | 800.0 |  |  |  | 350.0 |  |  |  | 13,000.0 |
Junior Subordinated Notes |  |  | 1,532.7 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 1,532.7 |
Total |  | $ | 19,672.7 |  |  | $ | 1,940.0 |  |  | $ | 1,300.0 |  |  | $ | 750.0 |  |  | $ | 800.0 |  |  | $ | 350.0 |  |  | $ | 14,532.7 |
In October 2014, EPO issued $2.75 billion in aggregate principal amount of additional senior notes (see Note 18). Net proceeds from the issuance of these senior notes of $2.73 billion were used as follows: (i) to repay debt principal amounts outstanding under EPO's 364-Day Credit Agreement and commercial paper program (both of which were used to partially fund the cash consideration paid in Step 1 of the Oiltanking acquisition (see Note 18)), (ii) to repay $650.0 million in principal amount of Senior Notes G that matured in October 2014, and (iii) for general company purposes. 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. Issuance of Senior Notes in February 2014 In February 2014, EPO issued $850 million in principal amount of 3.90% senior notes due February 2024 ("Senior Notes JJ") and $1.15 billion in principal amount of 5.10% senior notes due February 2045 ("Senior Notes KK"). Senior Notes JJ were issued at 99.811% of their principal amount and Senior Notes KK were issued at 99.845% of their principal amount. Proceeds from the issuance of Senior Notes JJ and KK were used to repay debt, including amounts then outstanding under EPO's commercial paper program (which EPO used to repay $500.0 million in principal amount of Senior Notes O that matured in January 2014) and for general company purposes. Enterprise Products Partners L.P. has unconditionally guaranteed Senior Notes JJ and KK on an unsecured and unsubordinated basis. These senior notes rank equal with EPO's existing and future unsecured and unsubordinated indebtedness and are senior to any existing and future subordinated indebtedness of EPO. These senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict EPO's ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. 364-Day Credit Agreement due June 2014 Terminated on May 1, 2014 Effective May 1, 2014, EPO elected to terminate its $1.0 billion 364-Day credit agreement in advance of the facility's scheduled maturity date of June 18, 2014. No borrowings were made under this variable-rate revolving credit facility since its inception. New 364-Day Credit Agreement due September 2015 On September 30, 2014, EPO entered into a new 364-Day Revolving Credit Agreement (the "364-Day Credit Agreement"). Under the terms of the 364-Day Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO's election) at a variable interest rate for a term of 364 days, subject to the terms and conditions set forth therein. On October 1, 2014, we borrowed $1.5 billion under the 364-Day Credit Agreement to partially fund the cash consideration paid under Step 1 of the Oiltanking acquisition (see Note 18). This amount was subsequently repaid using proceeds from the issuance of senior notes in October 2014 (see Note 18). To the extent that principal amounts are outstanding, EPO's obligations under the 364-Day Credit Agreement are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. Any amounts borrowed under the 364-Day Credit Agreement mature on September 29, 2015, although EPO may, between 15 and 60 days prior to the maturity date, elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable on September 29, 2016. The 364-Day Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under the 364-Day Credit Agreement. The 364-Day Credit Agreement also restricts EPO's ability to pay cash distributions to its parent, Enterprise Products Partners L.P., if a default or an event of default (as defined in the 364-Day Credit Agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. Letters of Credit At September 30, 2014, EPO had $2.5 million of letters of credit outstanding related to operations at our facilities and motor fuel tax obligations. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at September 30, 2014. 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 nine months ended September 30, 2014:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
EPO $3.5 Billion Multi-Year Revolving Credit Facility | 1.13% to 1.14% | 1.13%

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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