Fixed-to-floating series A units sold to CenterPoint Energy in deal
By Devika Patel
Knoxville, Tenn., Jan. 29 – Enable Midstream Partners, LP said it will raise $363 million in a private placement of its 10% series A fixed-to-floating non-cumulative redeemable perpetual preferred units with CenterPoint Energy, Inc.
The initial distribution rate of 10% will change to an annual floating rate equal to Libor plus 850 basis points on the five-year anniversary.
Settlement is expected before the end of the first quarter.
In addition, Enable will repay $363 million of notes due 2017 held by a subsidiary of CenterPoint Energy Resources Corp.
The Oklahoma City-based company owns, operates and develops natural gas and crude oil infrastructure assets.
Issuer: | Enable Midstream Partners, LP
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Issue: | Series A fixed-to-floating non-cumulative redeemable perpetual preferred units
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Amount: | $363 million
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Dividends: | 10%, changing to Libor plus 850 bps after five years
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Warrants: | No
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Investor: | CenterPoint Energy, Inc.
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Pricing date: | Jan. 29
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Stock symbol: | NYSE: ENBL
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Stock price: | $7.41 at close Jan. 28
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Market capitalization: | $3.26 billion
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