XML 69 R17.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Debt Obligations | 9 Months Ended
--- | ---
Sep. 30, 2015
Debt Obligations [Abstract] |
Debt Obligations | Note 10. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|  | September 30, 2015 |  |  | December 31, 2014 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | 869.5 |  |  | $ | 906.5 |
Senior Notes I, 5.00% fixed-rate, due March 2015 |  |  | -- |  |  |  | 250.0 |
Senior Notes X, 3.70% fixed-rate, due June 2015 |  |  | -- |  |  |  | 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 |
364-Day Credit Agreement, variable-rate, due September 2016 |  |  | -- |  |  |  | -- |
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 OO, 1.65% fixed-rate, due May 2018 |  |  | 750.0 |  |  |  | -- |
Senior Notes N, 6.50% fixed-rate, due January 2019 |  |  | 700.0 |  |  |  | 700.0 |
Senior Notes LL, 2.55% fixed-rate, due October 2019 |  |  | 800.0 |  |  |  | 800.0 |
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 |
Multi-Year Revolving Credit Facility, variable-rate, due September 2020 |  |  | -- |  |  |  | -- |
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 |  |  |  | 850.0 |
Senior Notes MM, 3.75% fixed-rate, due February 2025 |  |  | 1,150.0 |  |  |  | 1,150.0 |
Senior Notes PP, 3.70% fixed-rate, due February 2026 |  |  | 875.0 |  |  |  | -- |
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 |  |  | 1,400.0 |  |  |  | 1,400.0 |
Senior Notes KK, 5.10% fixed-rate, due February 2045 |  |  | 1,150.0 |  |  |  | 1,150.0 |
Senior Notes QQ, 4.90% fixed-rate, due May 2046 |  |  | 875.0 |  |  |  | -- |
Senior Notes NN, 4.95% fixed-rate, due October 2054 |  |  | 400.0 |  |  |  | 400.0 |
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 |  |  | 21,019.5 |  |  |  | 19,856.5 |
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1) |  |  | 521.9 |  |  |  | 550.0 |
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2) |  |  | 259.5 |  |  |  | 285.8 |
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3) |  |  | 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 |  |  | 22,497.8 |  |  |  | 21,389.2 |
Other, non-principal amounts |  |  | (37.7 | ) |  |  | (25.4 | )
Less current maturities of debt (4) |  |  | (1,619.4 | ) |  |  | (2,206.4 | )
Total long-term debt |  | $ | 20,840.7 |  |  | $ | 19,157.4 |
(1) Fixed rate of 8.375% through August 1, 2016 (i.e., first call date without a make-whole redemption premium); thereafter, variable rate based on 3-month LIBOR plus 3.7075%. During the third quarter of 2015, EPO retired $28.1 million of these junior notes. (2) Fixed rate of 7.0% through September 1, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, variable rate based on 3-month LIBOR plus 2.7775%. During the third quarter of 2015, EPO retired $26.3 million of these junior notes. (3) Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.68%. (4) 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 September 30, 2015 for the next five years, and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | Remainder of 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | After 2019 |
Commercial Paper Notes |  | $ | 869.5 |  |  | $ | 869.5 |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Senior Notes |  |  | 20,150.0 |  |  |  | -- |  |  |  | 750.0 |  |  |  | 800.0 |  |  |  | 1,100.0 |  |  |  | 1,500.0 |  |  |  | 16,000.0 |
Junior Subordinated Notes |  |  | 1,478.3 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 1,478.3 |
Total |  | $ | 22,497.8 |  |  | $ | 869.5 |  |  | $ | 750.0 |  |  | $ | 800.0 |  |  | $ | 1,100.0 |  |  | $ | 1,500.0 |  |  | $ | 17,478.3 |
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 immaterial 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 $2.5 Billion of Senior Notes in May 2015 In May 2015, EPO issued $750 million in principal amount of 1.65% senior notes due May 2018 (“Senior Notes OO”), $875 million in principal amount of 3.70% senior notes due February 2026 (“Senior Notes PP”) and $875 million in principal amount of 4.90% senior notes due May 2046 (“Senior Notes QQ”). Senior Notes OO, PP and QQ were issued at 99.881%, 99.635% and 99.635% of their principal amounts, respectively. Net proceeds from the issuance of these senior notes were used as follows: (i) the repayment of amounts outstanding under EPO’s commercial paper program, which included amounts we used to repay $250 million in principal amount of Senior Notes I that matured in March 2015, (ii) the repayment of amounts outstanding at the maturity of our $400 million in principal amount of Senior Notes X that matured in June 2015 and (iii) for general company purposes. Enterprise Products Partners L.P. has unconditionally guaranteed these senior notes 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 an indenture 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. Partial Retirement of Junior Subordinated Notes During Third Quarter of 2015 During the third quarter of 2015, EPO retired $28.1 million of its Junior Subordinated Notes A and $26.3 million of its Junior Subordinated Notes C with cash from operations. A $1.4 million gain on the extinguishment of these debt obligations is included in “Other, net” on our Unaudited Condensed Statements of Consolidated Operations. 364-Day Credit Agreement In September 2015, EPO amended its 364-Day Credit Agreement to extend its maturity date to September 2016. There are currently no principal amounts outstanding under this revolving 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, provided certain conditions are met) at a variable interest rate for a term of 364 days, subject to the terms and conditions set forth therein. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as a non-revolving term loan for a period of one additional year, payable in September 2017. The remaining terms of the 364-Day Credit Agreement, as amended, remain materially the same as those reported for the 364-Day Credit Agreement in our 2014 Form 10-K. Multi-Year Revolving Credit Facility In September 2015, EPO amended its Multi-Year Revolving Credit Facility to increase its borrowing capacity from $3.5 billion to $4.0 billion and extend its maturity date from June 2018 to September 2020. The amended agreement also provides that EPO may increase its borrowing capacity to $4.5 billion by allowing existing lenders under the facility to increase their respective commitments or by adding one or more new lenders to the facility. The remaining terms of the Multi-Year Revolving Credit Facility, as amended, remain materially the same as those reported for the Multi-Year Revolving Credit Facility in our 2014 Form 10-K. Letters of Credit At September 30, 2015, 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, 2015. 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, 2015:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 0.35% to 0.78% | 0.59%
EPO Multi-Year Revolving Credit Facility | 1.15% to 3.25% | 1.30%

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration