S&P rates EnLink notes BB+

S&P said it rated EnLink Midstream LLC’s planned $500 million of senior unsecured notes BB+ with a 3 (65% rounded estimate) recovery rating.

All other ratings, including Enlink’s BB+ senior unsecured ratings, are unchanged, S&P said.

EnLink will use the proceeds to fund the company's tender offers for its 2024, 2025 and 2026 notes, to pay fees and expenses incurred in connection with such senior notes repurchases, or for general corporate purposes.

The agency said it considers the offering leverage neutral.

The outlook is stable.

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