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Enable Midstream series A preferreds exchange into series G Energy Transfer preferreds
Chicago, Dec. 2 – As part of the merger between Enable Midstream Partners, LP and Energy Transfer LP, each outstanding Enable series A preferred unit was exchanged for 0.0265 series G preferred units of Energy Transfer, according to multiple press releases.
CenterPoint Energy, Inc., which owns approximately 79% of Enable’s common units with OGE Energy Corp., received $5 million in cash in exchange for its Enable general partner interest and Energy Transfer series G fixed-rate reset cumulative redeemable perpetual preferred units with a liquidation preference of approximately $385 million in exchange for the $363 million liquidation preference of Enable series A fixed-to-floating-rate non-cumulative redeemable perpetual preferred units owned by CenterPoint.
With the completion of the transaction, CenterPoint and OGE Energy Corp. have terminated various agreements related to Enable.
Dallas-based Energy Transfer Partners owns and operates a portfolio of energy assets.
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