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March 23, 2000
First Union Securities Acts as Lead Underwriter for $54 Million of Senior Debt for Enterprise
CHARLOTTE - First Union Securities acted as lead manager on the placement of a $54 million bond issue for Enterprise Products Operating L.P. (NYSE:EPD), one of the leading midstream energy service companies in North America, providing processing, fractionation, transportation and storage services.
The 10-year bonds, issued by the Mississippi Business Finance Corporation, have a maturity date of March 1, 2010 and bear a fixed-rate interest coupon of 8.70 percent. The notes were issued at par and were rated investment grade by Standard and Poor's (BBB) and Moody's Investors Service (Baa3). The bond and the loan agreement are guaranteed by Enterprise Products Partners L.P. through an unsecured and unsubordinated guarantee.
"We chose First Union Securities because they have the ability to offer a full set of capital markets solutions and were able to execute the best solutions for our financial needs," noted Gary L. Miller, Executive Vice President and Chief Financial Officer for Enterprise. "We are pleased with the level of service and expertise afforded this transaction by the First Union team."
"We are excited to be Enterprise's partner of choice on this transaction," noted James Kipp, head of Energy Investment Banking. "We applied our market knowledge to execute this placement in a timely and efficient manner."
The proceeds from the placement will be used to finance Enterprise's share of the costs of acquiring and constructing a natural gas processing plant in Pascagoula, Mississippi.
First Union Securities' Energy Investment Banking Group, based in Houston and New York, has earned its strong reputation for proactive idea generation, access to the capital markets and high-quality transaction execution through years of success. First Union has built a strong team of 25 energy experts focused exclusively on the financial challenges and opportunities in this evolving sector. Coverage includes Exploration and Production, Diversified Energy, Oilfield Services, Processing and Gathering, and Pipelines and Distribution.
Enterprise Products Partners L.P. is one of the largest publicly traded master limited partnerships with an enterprise value of approximately $2 billion. Enterprise is one of the leading midstream energy service companies in North America, providing the complete services of processing, fractionation, transportation and storage to producers of NGLs and consumers of NGL products.
First Union Corporation is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. It is the nation's sixth largest bank holding company with assets of $253 billion as of December 31, 1999. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C., and securities offices in 41 states.
Important Notice: First Union Securities is the trade name under which Charlotte based First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Union Brokerage Services, Inc. ("FUBS"), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank ("FUNB"), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.
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