EnLink Midstream Takes Steps to Redeem Preferred Units
EnLink Midstream, LLC (NYSE: ENLC) has announced an important update concerning its financial operations. The company revealed that its subsidiary, EnLink Midstream Partners, LP ("ENLK"), is set to redeem all of its 6.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. This process will follow the guidelines laid out in the Eleventh Amended and Restated Agreement of Limited Partnership for ENLK.
Redemption Details
The redemption will take place at a fixed price of $1,008.28 for each Series C Preferred Unit. This amount includes all accrued and unpaid distributions up until the indicated Redemption Date. EnLink Midstream is dedicated to financing this redemption through its revolving credit facility, ensuring that the transaction runs smoothly for all involved.
Informing Stakeholders
Equiniti Trust Company, LLC serves as the paying agent for the Series C Preferred Units and will send out notifications to all holders of these units. It’s worth mentioning that this announcement isn't a solicitation to sell any securities or to encourage any purchases of securities.
About EnLink Midstream
EnLink Midstream operates an extensive network that delivers midstream infrastructure services specific to natural gas, crude oil, and natural gas liquids (NGLs). The company also specializes in CO2 transportation geared toward carbon capture and sequestration efforts. EnLink’s operations are strategically positioned in key production areas, including the Permian Basin and various locations throughout the southern United States. The company prioritizes operational excellence and maintains financial flexibility to support sustainable growth.
Dedication to Investors
EnLink Midstream consistently seeks to provide substantial returns to its investors while increasing its role within midstream services. The company highlights its market position and the purposeful decisions made to backward integrate its operations. With developments such as the preferred unit redemption, EnLink showcases its commitment to boosting shareholder value.
Getting in Touch
For any inquiries, parties interested can reach out to Brian Brungardt, the Senior Director of Investor Relations, by calling 214-721-9353. For media inquiries, Megan Wright is available at 214-721-9694. EnLink encourages conversations with both investors and the media to discuss strategies and their impact on the midstream sector.
Frequently Asked Questions
What does the redemption of Series C Preferred Units mean?
The redemption indicates that EnLink Midstream is repurchasing its preferred units at a specified price, which often signals a strategic move to improve its capital structure.
How will EnLink fund the redemption?
EnLink intends to finance the redemption using funds borrowed from its revolving credit facility, ensuring it has the necessary capital for this transaction.
What benefits does this redemption provide for investors?
This redemption allows investors to recover their investments at a guaranteed price, offering them a clear exit strategy that underscores the company's financial responsibility.
Who can I contact for more information about the company?
For more detailed information, you can contact Brian Brungardt, the Senior Director of Investor Relations, or reach out to Megan Wright for media-related questions.
Is this redemption part of a larger strategy?
Yes, the redemption of the Series C Preferred Units is likely a component of EnLink's broader strategy aimed at enhancing shareholder value while maintaining its financial flexibility in a competitive landscape.
