New Issue: EnLink Midstream prices upsized $400 million 6% $1,000-par fixed-to-floating preferreds

By Stephanie N. Rotondo

Seattle, Sept. 14 – EnLink Midstream Partners LP sold an upsized $400 million of 6% $1,000-par series C fixed-to-floating rate cumulative redeemable perpetual preferred units (expected ratings: Baa1/BB/BB), according to an FWP filed with the Securities and Exchange Commission on Thursday.

The deal was upsized from $300 million. Price talk was 6.25%.

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 payable semiannually at a fixed rate until Dec. 15, 2022. After that, the distribution rate will float at Libor plus 411 basis points and will be payable on the 15th day of March, June, September and December.

The units become redeemable on or after Dec. 15, 2022 at par plus accrued distributions. Upon a rating agency event, the company can call the units at 102% of par plus accrued distributions.

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.

Issuer:	EnLink Midstream Partners LP
Securities:	Series C fixed-to-floating rate cumulative redeemable preferred units
Amount:	$400 million
Maturity:	Perpetual
Bookrunners:	J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC
Co-managers:	BMO Capital Markets Corp., Comerica Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Jeffries LLC, Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC and SunTrust Robinson Humphrey, Inc.
Distribution rate:	6% until Dec. 15, 2022, then floats at a rate equal to Libor plus 411 bps
Price:	Par of $1,000
Yield:	6%
Talk:	6.25%
Call options:	On or after Dec. 15, 2022 at par plus accrued distributions, or upon a rating agency event at 102% of par plus accrued distributions
Pricing date:	Sept. 14
Settlement date:	Sept. 21
Expected ratings:	Moody’s: Baa1
	S&P: BB
	Fitch: BB
Cusip:	29336UAH0

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