Series B cumulative convertible units sold to Enfield Holdings in deal
By Devika Patel
Knoxville, Tenn., Dec. 7 – EnLink Midstream LLC arranged a $750 million private placement of its 8.5% series B cumulative convertible preferred units with Enfield Holdings, LP on Dec. 6, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 50 million units at $15.00 per unit. The preferred units are convertible into common units on a one-for-one basis.
Proceeds will be used for the planned $1.55 billion acquisition of gathering and processing assets in central Oklahoma, which is expected to settle in the first quarter of 2016.
The oil and natural gas company is based in Dallas.
| Issuer: | EnLink Midstream LLC
|
| Issue: | Series B cumulative convertible preferred units
|
| Amount: | $750 million
|
| Units: | 50 million
|
| Price: | $15.00
|
| Conversion ratio: | On a one-for-one basis
|
| Dividends: | 8.5%
|
| Warrants: | No
|
| Investor: | Enfield Holdings, LP
|
| Settlement date: | Dec. 6
|
| Stock symbol: | NYSE: ENLC
|
| Stock price: | $14.66 at close Dec. 4
|
| Market capitalization: | $2.01 billion
|
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