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Bracewell Advised Enterprise in Pair of Revolving Credit Facilities Valued at $5.5 Billion

HOUSTON Bracewell LLP advised Enterprise Products Operating LLC (Enterprise), as borrower, in two separate revolving facilities with a combined value of $5.5 billion.

Bracewell represented Enterprise in a  364-day revolving credit agreement with Citibank, N.A. serving as administrative agent, Wells Fargo Bank, National Association, DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Syndication Agents, and Barclays Bank PLC, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, SunTrust Bank, The Bank of Nova Scotia and The Toronto-Dominion Bank, New York Branch, as Co-Documentation Agents.  Under  the terms of the credit agreement, Enterprise may borrow up to $1.5 billion, which may be increased by up to $200 million to $1.7 billion.

Bracewell also represented Enterprise in a  multi-year revolving credit agreement with Wells Fargo Bank, National Association serving as administrative agent, Citibank, N.A., DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Syndication Agents, and Barclays Bank PLC, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, SunTrust Bank, The Bank of Nova Scotia and The Toronto-Dominion Bank, New York Branch, as Co-Documentation Agents.  Under the terms of the credit agreement, Enterprise may borrow up to $4.0 billion, which may be increased by up to $500 million to $4.5 billion at Enterprise’s election, provided certain conditions are met, at a variable interest rate for a term of five years.

Both transactions closed on September 13, 2017.

The Bracewell lawyer involved in the transactions was:

Partner: Dale D. Smith