Midstream company Enterprise Products Partners’ subsidiary Enterprise Products Operating LLC has priced a public offering of $2 billion aggregate principal amount of notes, the company said Jan. 3. The notes are comprised of $1 billion principal amount of senior notes due on Jan. 11, 2027 and $1 billion principal amount of senior notes due Jan. 31, 2034.

Enterprise said it expects to use the net proceeds of the offering for general company purposes, growth capital investments and repayment of debt—including the repayment of all or a portion of its $850 million principal amount of 3.90% Senior Notes JJ due 2024 at their maturity in February 2024, as well as amounts outstanding under its commercial paper program.

Senior Notes HHH will be issued at 99.897% of their principal amount and will have a fixed-rate interest coupon of 4.60%. Senior Notes III will be issued at 99.705% of their principal amount and will have a fixed-rate interest coupon of 4.85%.

Enterprise Products will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Settlement of the offering is expected to occur on Jan. 11.

MUFG Securities Americas Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., PNC Capital Markets LLC and TD Securities (USA) LLC acted as joint book-running managers for the offering.

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