EnLink announces early tender results, raises offer to $700 million

Chicago, Aug. 29 – EnLink Midstream, LLC announced the early results for the tender offer for three notes issued by subsidiary EnLink Midstream Partners, LP in a press release on Monday evening.

The cap on the offer was increased to $700 million, from $500 million, to accept more tendered notes.

As of the early tender deadline at 5 p.m. ET on Aug. 29, noteholders tendered the following amounts of notes with the expected acceptance levels:

• All $404,414,000 tendered of the $502,348,000 outstanding 4.4% senior notes due 2024 (Cusip: 29336UAB3) for a total consideration of $1,008.75 per note;

• $295,586,000 accepted of the $490,781,000 tendered of the $717,195,000 outstanding 4.15% senior notes due 2025 (Cusip: 29336UAE7) for a total consideration of $1,000 per note (with the cap increased to accept more notes); and

• None accepted of the $367,314,000 tendered of the $491 million outstanding 4.85% senior notes due 2026 (Cusip: 29336UAF4) for a total consideration of $1,013.75 per note.

The total considerations are based on par of $1,000 notes. The total considerations include a $30 early tender premium that will not be paid to noteholders who tender their notes after the early deadline.

Interest will also be paid to the applicable settlement date.

Settlement is planned for Aug. 31.

The tender offers are scheduled to expire at midnight ET, at the end of Sept. 13. However, because the offer was fully subscribed, the company does not expect to accept any more tendered notes.

Funding for the tender offer is coming from an offer of new senior notes due 2030, with existing corporate liquidity. The tender offer is conditioned on the settlement of the new offering, which is planned for Aug. 31.

D.F. King & Co., Inc. is the information and tender agent for the offer (800 207-3159, 212 269-5550, enlc@dfking.com).

The lead dealer managers are BofA Securities (888 292-0070, 980 388-3646, debt_advisory@bofa.com) and Wells Fargo Securities (866 309-6316, 704 410-4756, liabilitymanagement@wellsfargo.com).

The co-dealer managers are Citigroup, RBC Capital Markets, PNC Capital Markets LLC and TD Securities.

EnLink is a Dallas-based independent midstream energy services company.

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