Enterprise Products Partners priced a $1.65 billion senior notes offering on November 10, 2025, with the pricing announcement released the following day.
The offering consists of three tranches: $300 million of senior notes due June 20, 2028; $600 million due January 15, 2031; and $750 million due January 15, 2036.
Proceeds will be used to repay portions of existing senior notes maturing in January and February 2026, to reduce the company’s commercial paper balances, and to maintain liquidity for its planned $4.5 billion growth‑capital program.
The notes are senior unsecured, fungible with the June 2025 series, and were underwritten by BofA Securities, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets, and Truist Securities. Settlement is expected on November 14, 2025.
Enterprise Products’ balance sheet remains robust, with an Altman Z‑Score of 1.81, a debt‑to‑equity ratio of 1.15, and an interest‑coverage ratio of 4.96. The company’s dividend payout ratio stands at 0.81, and it continues to target cash‑flow growth per unit.
In its most recent earnings release, the company reported Q3 2025 adjusted earnings per unit of $0.61, missing the consensus estimate of $0.67, while revenue of $12.02 billion beat the $11.83 billion estimate. The miss was driven by lower sales and processing margins and mark‑to‑market hedging losses, even as volume growth in NGL, crude oil, refined products, and natural‑gas pipelines supported revenue.
Management emphasized its strategic focus in the investor deck: “Grow cash flow per unit. Invest in midstream energy infrastructure at attractive returns on capital. Responsibly return capital to investors.” The debt issuance aligns with that strategy by providing a low‑cost financing source to fund infrastructure and return capital while keeping leverage within target limits.
No specific market‑reaction data were reported for the debt issuance, but the company’s strong balance sheet and disciplined capital strategy are expected to reinforce investor confidence.
The pricing of the senior notes underscores Enterprise Products’ commitment to maintaining financial flexibility, supporting growth initiatives, and preserving a healthy leverage profile while continuing to deliver value to unit holders.
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