Enterprise Closes $500 Million Rule 144A Private Placement of Senior N

    Business Editors/Energy Editors

    HOUSTON--(BUSINESS WIRE)--March 2, 2005--Enterprise Products Partners L.P. (NYSE:EPD) today announced that its operating subsidiary, Enterprise Products Operating L.P. ("Enterprise Operating") has closed on its Rule 144A private placement of $500 million of senior unsecured notes. The net proceeds of approximately $490.6 million will be used to refinance Enterprise Operating's $350 million, 8.25 percent Senior Notes due March 15, 2005, and for general partnership purposes including the temporary repayment of debt outstanding under the company's multi-year revolving credit facility.
    Enterprise Products Partners L.P. has guaranteed the notes through an unsecured and unsubordinated guarantee. These notes, which include registration rights, have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act.
    The $500 million in debt securities were issued in two separate series as follows:

Principal Fixed-Rate Amount Issue Price Coupon Maturity Date --------- ----------- ---------- ------------- $250 million 99.379% 5.00% March 1, 2015 $250 million 98.691% 5.75% March 1, 2035

    Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of more than $14 billion, and is a leading North American provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs) and crude oil. Enterprise transports natural gas, NGLs and crude oil through 31,000 miles of onshore and offshore pipelines and is an industry leader in the development of midstream infrastructure in the Deepwater Trend of the Gulf of Mexico. Services include natural gas transportation, gathering, processing and storage; NGL and propylene fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web at www.epplp.com.
    This press release contains various forward-looking statements and information that are based on Enterprise's beliefs and those of its general partner, as well as assumptions made by and information currently available to Enterprise. When used in this press release, words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "intend," "could," "believe," "may," and similar expressions and statements regarding the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Enterprise's actual results may vary materially from those Enterprise anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on Enterprise's results of operations and financial condition are:

CONTACT: Enterprise Products Partners L.P., Houston Randy Burkhalter, 713-880-6812 www.epplp.com

KEYWORD: TEXAS INDUSTRY KEYWORD: OIL/GAS ENERGY SOURCE: Enterprise Products Partners L.P.

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