Deals this week: Enterprise Products, American Midstream Partners, Hibernia Energy III


Enterprise Products Operating, a subsidiary of Enterprise Products Partners, intends to raise $700m through the issue of Junior Jubordinated Notes D, due 16 August 2077, in a public offering.

The notes bear a semi-annually payable coupon rate of 4.875% during the fixed-rate period, commencing from 16 February 2018.

Citigroup Global Markets, Barclays Capital, Mizuho Securities USA, MUFG Securities Americas, Credit Suisse Securities (USA), RBC Capital Markets, SMBC Nikko Securities America, SunTrust Robinson Humphrey, U.S. Bancorp Investments and Wells Fargo Securities are the book running managers for the offering.

The proceeds from the offering are intended to be used by Enterprise Products to repay its existing debt and for general corporate purposes.

The public issue is scheduled for completion on 16 August.

American Midstream Partners and Targa Midstream Services have agreed to form a new joint venture company named Cayenne Pipeline.

Cayenne Pipeline will transport Y-grade natural gas liquids (NGLs) from Venice Energy Services Company’s gas processing plant to Enterprise Products Partners’ pipeline located in Toca, Louisiana, US.

American Midstream and Targa Midstream will each own 50% interest in the joint venture, which will utilise an under-utilised natural gas pipeline owned by American Midstream to transport NGLs.

The transaction will form part of American Midstream’s strategy of linking offshore gas supply to onshore demand.

"American Midstream Partners and Targa Midstream Services have agreed to form a new joint venture company named Cayenne Pipeline."

Hibernia Energy III has secured a commitment from NGP Natural Resources XII for an equity investment of $250m.

Hibernia Energy is engaged in the acquisition and development of unconventional oil and gas assets in Texas, US.

The investment allows Hibernia Energy to reinforce its oil and gas asset portfolio.

Noble Energy has announced the pricing of 3.85% senior notes. The company intends to raise $600m through the issue of notes in a public offering. The notes yield a semi-annually payable interest of 3.887% until maturity on 15 January 2028.

Noble Energy has priced another offering of senior notes, due 2047, at 4.95% to raise $500m from the public.

Noble Energy has appointed Citigroup Global Markets, J.P. Morgan Securities, MUFG Securities Americas, DNB Markets, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Mizuho Securities USA as joint book-running managers for the offering.

The proceeds from the offering are intended to be used by the company to fund a cash tender offer or redeem all of its outstanding senior notes.

The offering is scheduled for completion on 15 August.

Continental Resources has agreed to dispose 6,590 net acres of non-core leasehold located in the oil window of STACK in northern Blaine County, Oklahoma, US, for $72.5m.

Concurrently, Continental Resources has signed an agreement to sell 26,000 net acres of leasehold in Arkoma Basin for $68m.

The proceeds from the sale are intended to be used by Continental Resources to repay the existing debt.