EnLink Midstream driving by with $500 million eight-year bullet notes; initial talk high 6% area

By Paul A. Harris

Portland, Ore., Aug. 16 – EnLink Midstream, LLC plans to price a $500 million offering of eight-year senior bullet notes (Ba1/BB+/BB+) in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the high 6% area, a sellside source said.

Wells Fargo Securities LLC is the left active bookrunner. BofA Securities Inc., MUFG and RBC Capital Markets LLC are the joint active bookrunners.

Citigroup Global Markets Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.

Comerica Securities Inc. and Zions First National Bank are the co-managers.

The Rule 144A and Regulation S for life notes feature a par call six months prior to maturity but are otherwise non-callable.

The Dallas-based independent midstream energy services company plans to use the proceeds to fund a waterfall tender offer for its 2024, 2025 and 2026 senior notes.

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