EnLink Midstream plans to pay down revolver via proceeds of note sale

By Wendy Van Sickle

Columbus, Ohio, May 4 – EnLink Midstream Partners, LP plans to repay borrowings under its revolving credit facility with some proceeds of an offering of senior notes due 2047, according to a 424B2 filed with the Securities and Exchange Commission.

A of May 1, EnLink had $355 million in borrowings and $9.1 million in outstanding letters of credit under its $1.5 billion unsecured revolver at a weighted average interest rate of 2.62%. The revolver has a $500 million sublimit for letters of credit.

Borrowings were used for capital expenditures, acquisitions and general corporate purposes. The revolver matures in March 2020.

Proceeds from the new notes may also be used for general corporate purposes.

Barclays, Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the bookrunners for the offering.

EnLink is a Dallas-based midstream energy services provider.

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