# EDGAR Filing Document

**Accession Number:** 0001061219
**File Stem:** 0001193125-25-274498
**Filing Date:** 2025-11
**Character Count:** 9159
**Document Hash:** 2e9ad2aaeef38c3e3fe97c71d3ec34e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-274498.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001193125-25-274498

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENTERPRISE PRODUCTS PARTNERS L.P.
- **CENTRAL INDEX KEY:** 0001061219
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 760568219
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-283172
- **FILM NUMBER:** 251467184

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 LOUISIANA 10TH FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 7133816500

**MAIL ADDRESS:**
- **STREET 1:** 1100 LOUISIANA 10TH FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENTERPRISE PRODUCTS PARTNERS L P
- **DATE OF NAME CHANGE:** 19980518
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Enterprise Products Operating LLC
- **CENTRAL INDEX KEY:** 0001410664
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 260430539
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 LOUISIANA STREET, 10TH FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 7133816500

**MAIL ADDRESS:**
- **STREET 1:** 1100 LOUISIANA STREET, 10TH FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

Filed Pursuant to Rule 433

Issuer Free Writing Prospectus dated November 10, 2025

Registration Statement No. 333-283172

Registration Statement No. 333-283172-01

![LOGO](g96483g1111020422315.jpg)

**Enterprise Products Operating LLC** 

**Enterprise Products Partners L.P.** 

**PRICING TERM SHEET** 

**The information in this pricing supplement supplements the preliminary prospectus supplement, dated November 10, 2025 (the "Preliminary Prospectus Supplement") and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement.** 

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| | | | |
|:---|:---|:---|:---|
| Issuer: | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| Guarantee: | Unconditionally guaranteed by Enterprise Products Partners L.P. | Unconditionally guaranteed by Enterprise Products Partners L.P. | Unconditionally guaranteed by Enterprise Products Partners L.P. |
| Ratings\*: | A3 by Moody's Investors Service, Inc.<br> A- by S&P Global Ratings<br> A- by Fitch Ratings Inc. | A3 by Moody's Investors Service, Inc.<br> A- by S&P Global Ratings<br> A- by Fitch Ratings Inc. | A3 by Moody's Investors Service, Inc.<br> A- by S&P Global Ratings<br> A- by Fitch Ratings Inc. |
| Note Type: | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes |
| Legal Format: | SEC Registered | SEC Registered | SEC Registered |
| Trade Date: | November 10, 2025 | November 10, 2025 | November 10, 2025 |
| Expected Settlement Date\*\*: | November 14, 2025 (T+3) | November 14, 2025 (T+3) | November 14, 2025 (T+3) |
| Net Proceeds (excluding accrued interest and after underwriting discounts and $5.1 million of other offering expenses): | $1650268072 | $1650268072 | $1650268072 |
|  | **$300,000,000 4.30%<br>Senior Notes Due 2028<br>(the "2028 Notes")** | **$600,000,000 4.60%<br>Senior Notes Due 2031<br>(the "2031 Notes")** | **$750,000,000 5.20%<br>Senior Notes Due 2036<br>(the "2036 Notes")** |
| Principal Amount\*\*\*: | $300000000 | $600000000 | $750000000 |

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| | | | |
|:---|:---|:---|:---|
| Maturity Date: | June 20, 2028 | January 15, 2031 | January 15, 2036 |
| Benchmark Treasury: | 3.500% due October 15, 2028 | 3.625% due October 31, 2030 | 4.250% due August 15, 2035 |
| Benchmark Treasury Yield: | 3.604% | 3.715% | 4.116% |
| Spread to Benchmark Treasury: | +43 bps | +73 bps | +93 bps |
| Yield to Maturity: | 4.034% | 4.445% | 5.046% |
| Coupon: | 4.30% | 4.60% | 5.20% |
| Price to Public: | 100.630% of the principal amount, plus accrued interest from June 20, 2025 | 100.693% of the principal amount, plus accrued interest from June 20, 2025 | 101.185% of the principal amount, plus accrued interest from June 20, 2025 |
| Make-Whole Call: | T + 10 bps | T + 10 bps | T + 15 bps |
| Call at Par: | On or after May 20, 2028 | On or after December 15, 2030 | On or after October 15, 2035 |
| Interest Payment Dates: | June 20 and December 20, beginning December 20, 2025 | January 15 and July 15, beginning January 15, 2026 | January 15 and July 15, beginning January 15, 2026 |
| CUSIP / ISIN: | 29379VCJ0 / US29379VCJ08 | 29379VCK7 / US29379VCK70 | 29379VCL5 / US29379VCL53 |
| Joint Book-Running Managers: | BofA Securities, Inc.<br> J.P. Morgan Securities LLC<br> Morgan Stanley & Co. LLC<br> RBC Capital Markets, LLC<br> Truist Securities, Inc.<br> Barclays Capital Inc.<br> BMO Capital Markets Corp.<br> Mizuho Securities USA LLC<br> SMBC Nikko Securities America, Inc.<br> Wells Fargo Securities, LLC | BofA Securities, Inc.<br> J.P. Morgan Securities LLC<br> Morgan Stanley & Co. LLC<br> RBC Capital Markets, LLC<br> Truist Securities, Inc.<br> Barclays Capital Inc.<br> BMO Capital Markets Corp.<br> Mizuho Securities USA LLC<br> SMBC Nikko Securities America, Inc.<br> Wells Fargo Securities, LLC |  |
| Co-Managers: | BBVA Securities Inc.<br> Citigroup Global Markets Inc.<br> Credit Agricole Securities (USA) Inc.<br> Deutsche Bank Securities Inc.<br> MUFG Securities Americas Inc.<br> PNC Capital Markets LLC<br> Scotia Capital (USA) Inc.<br> SG Americas Securities, LLC<br> TD Securities (USA) LLC<br> U.S. Bancorp Investments, Inc. | BBVA Securities Inc.<br> Citigroup Global Markets Inc.<br> Credit Agricole Securities (USA) Inc.<br> Deutsche Bank Securities Inc.<br> MUFG Securities Americas Inc.<br> PNC Capital Markets LLC<br> Scotia Capital (USA) Inc.<br> SG Americas Securities, LLC<br> TD Securities (USA) LLC<br> U.S. Bancorp Investments, Inc. |  |

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\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time.

\*\* We expect delivery of the 2028 Notes, the 2031 Notes and the 2036 Notes will be made against payment therefor on or about November 14, 2025, which is the third business day following the date of pricing of such notes (such settlement being referred to as "T+3"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the 2028 Notes, the 2031 Notes and/or the 2036 Notes prior to the first trading day prior to the closing of this offering will be required, by virtue of the fact that such notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers. 

\*\*\* The 2028 Notes offered hereby will be part of the same series of notes as the $500 million aggregate principal amount of 4.30% Senior Notes due 2028 issued and sold by the Issuer on June 20, 2025. The 2031 Notes offered hereby will be part of the same series of notes as the $750 million aggregate principal amount of 4.60% Senior Notes due 2031 issued and sold by the Issuer on June 20, 2025. The 2036 Notes offered hereby will be part of the same series of notes as the $750 million aggregate principal amount of 5.20% Senior Notes due 2036 issued and sold by the Issuer on June 20, 2025. 

The Issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and any other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC's website at http://www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BofA Securities, Inc. at (800) 294-1322, J.P. Morgan Securities LLC at (212) 834-4533, Morgan Stanley & Co. LLC at (866) 718-1649, RBC Capital Markets, LLC at (866) 375-6829 and Truist Securities, Inc. at (800) 685-4786.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.