Item 1.01 Entry into a Material Definitive Agreement.
364-Day Revolving Credit Agreement
On
The 364-Day Credit Agreement replaces EPO's existing 364-Day Revolving Credit
Agreement, dated as of
EPO's obligations under the 364-Day Credit Agreement are not secured by any
collateral; however, they are guaranteed by the Partnership pursuant to a
Guaranty Agreement (the "364-Day Guaranty Agreement"). Amounts borrowed under
the 364-Day Credit Agreement mature on
In addition to interest payments on outstanding borrowings, on a quarterly basis, EPO is required to pay a facility fee on each lender's commitment irrespective of commitment usage. The facility fee amount and the applicable rate spread for loans under the 364-Day Credit Agreement will vary based on EPO's senior debt credit rating.
The 364-Day Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed under the 364-Day Credit Agreement. The 364-Day Credit Agreement also restricts EPO's ability to pay cash distributions to the Partnership if an event of default (as defined in the 364-Day Credit Agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.
The descriptions of the 364-Day Credit Agreement and the 364-Day Guaranty Agreement in this Item 1.01 are qualified in their entirety by reference to the full text of the 364-Day Credit Agreement and the 364-Day Guaranty Agreement, which are filed as Exhibits 10.1 and 10.2 hereto, respectively, and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 364-Day Revolving Credit Agreement, dated as ofSeptember 6, 2022 , by and amongEnterprise Products Operating LLC , as Borrower, the Lenders party thereto,Citibank, N.A ., as Administrative Agent, and certain financial institutions named therein, as Co-Syndication Agents and Co-Documentation Agents. 10.2 Guaranty Agreement, dated as ofSeptember 6, 2022 , byEnterprise Products Partners L.P. in favor ofCitibank, N.A ., as administrative agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
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