EnLink Midstream Plans Redemption of Series C Preferred Units

EnLink Midstream Moves Forward with Preferred Units Redemption

EnLink Midstream, LLC (NYSE: ENLC) has made a significant announcement regarding its financial operations. The company shared that its subsidiary, EnLink Midstream Partners, LP ("ENLK"), will be redeeming all of its 6.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. This redemption will be conducted in accordance with the Eleventh Amended and Restated Agreement of Limited Partnership of ENLK.

Details of the Redemption

The redemption process involves a fixed price of $1,008.28 for each Series C Preferred Unit. This price includes all accumulated and unpaid distributions until the specified Redemption Date. EnLink Midstream is committed to financing this redemption through its revolving credit facility, ensuring a smooth transaction for its stakeholders.

Notification to Stakeholders

Equiniti Trust Company, LLC, which serves as the paying agent for the Series C Preferred Units, will dispatch notices to all holders of these units. It’s important to note that this announcement does not serve as an offer to sell any security or solicit any securities purchase.

About EnLink Midstream

EnLink Midstream operates a substantial network providing midstream infrastructure services tailored to natural gas, crude oil, and natural gas liquids (NGLs). Additionally, the company specializes in CO2 transportation aimed at carbon capture and sequestration initiatives. EnLink's operations are strategically located in prolific production basins, such as the Permian Basin and various centers across the southern regions. The organization places high value on operational excellence, maintaining financial flexibility for sustainable growth.

Commitment to Investors

EnLink Midstream continuously strives to deliver notable returns to its investors while expanding its role in midstream services. The company emphasizes its position in the market and the strategic decisions made to backward integrate its operations. With such developments like the preferred unit redemption, the organization shows its commitment to enhancing shareholder value.

Investor and Media Relations

For further inquiries, interested parties can contact Brian Brungardt, Senior Director of Investor Relations, at 214-721-9353. For media-related questions, Megan Wright is available at 214-721-9694. EnLink welcomes dialogue with investors and the media to discuss its strategies and impact on the midstream sector.

Frequently Asked Questions

What does the redemption of Series C Preferred Units mean?

The redemption signifies that EnLink Midstream is buying back its preferred units at a set price, which typically represents a strategic financial decision to optimize its capital structure.

How will EnLink fund the redemption?

EnLink plans to use borrowings from its revolving credit facility to fund the redemption, ensuring that sufficient capital is available for the process.

What are the benefits of this redemption for investors?

This redemption allows investors to recoup their investments at a predetermined value, often providing a clear exit strategy and reflecting the company’s commitment to financial responsibility.

Who should I contact for more information regarding the company?

For more detailed information, you can reach out to Brian Brungardt, Senior Director of Investor Relations, or Megan Wright for media inquiries.

Is this redemption part of a larger strategy?

Yes, the redemption of the Series C Preferred Units likely is part of EnLink's broader approach to enhance shareholder value while managing its financial flexibility in a competitive market.

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