Bulletin: Enterprise Products Partners L.P.'s EPO Subordinated Note Redemption Will Not Affect Their Intermediate Equity Treatment - S&P Global Ratings’ Credit Research

Bulletin: Enterprise Products Partners L.P.'s EPO Subordinated Note Redemption Will Not Affect Their Intermediate Equity Treatment

Bulletin: Enterprise Products Partners L.P.'s EPO Subordinated Note Redemption Will Not Affect Their Intermediate Equity Treatment - S&P Global Ratings’ Credit Research
Bulletin: Enterprise Products Partners L.P.'s EPO Subordinated Note Redemption Will Not Affect Their Intermediate Equity Treatment
Published Oct 14, 2022
2 pages (1134 words) — Published Oct 14, 2022
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Abstract:

NEW YORK (S&P Global Ratings) Oct. 14, 2022--S&P Global Ratings today said that Enterprise Products Partners L.P.'s (EPD; BBB+/Stable/A-2) redemption of $350 million of its EPO junior subordinated notes series D on Aug. 31, 2022, does not affect our intermediate equity treatment of the partnership's remaining junior subordinated notes. EPD funded the redemption with cash on hand and commercial paper borrowings. However, the partnership's creditworthiness has materially improved since it issued the junior subordinated notes in 2017, which is one of the circumstances when the redemption of a hybrid without replacement is acceptable under our criteria. EPD ended 2017 with S&P Global Ratings-adjusted debt to EBITDA of 4.0x, which compares with its debt to EBITDA of 3.18x for the 12-months

  
Report Type:

Bulletin

Ticker
EPD
Issuer
Enterprise Products Partners L.P.
GICS
Oil & Gas Storage & Transportation (10102040)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Enterprise Products Partners L.P.'s EPO Subordinated Note Redemption Will Not Affect Their Intermediate Equity Treatment" Oct 14, 2022. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Enterprise-Products-Partners-L-P-s-EPO-Subordinated-Note-Redemption-Will-Not-Affect-Their-Intermediate-Equity-Treatment-2902931>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Enterprise Products Partners L.P.'s EPO Subordinated Note Redemption Will Not Affect Their Intermediate Equity Treatment Oct 14, 2022. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Enterprise-Products-Partners-L-P-s-EPO-Subordinated-Note-Redemption-Will-Not-Affect-Their-Intermediate-Equity-Treatment-2902931>
  
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