EnLink Midstream to price fixed-to-floating cumulative redeemable preferred units

By Stephanie N. Rotondo

Seattle, Sept. 11 – EnLink Midstream Partners LP plans to sell series C fixed-to-floating rate cumulative redeemable perpetual preferred units, according to a prospectus filed with the Securities and Exchange Commission on Monday.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.

Distributions will be paid semiannually at a fixed rate until Dec. 15, 2022. After that, the distribution rate will float at Libor plus a spread and will be payable on the 15th day of March, June, September and December.

The units become redeemable on or after Dec. 15, 2022, or upon a rating agency event.

The Dallas-based midstream energy services provider plans to use proceeds for capital expenditures and for general partnership purposes.

The units will not be listed on any exchange.

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