EnLink Midstream Partners LP (NYSE: ENLK) has priced $400 million aggregate principal amount of its 2.700% senior notes due 2019, $450 million aggregate principal amount of its 4.400% senior notes due 2024, and $350 million aggregate principal amount of its 5.600% senior notes due 2044, at prices to the public of 99.850%, 99.830%, and 99.925%, respectively, of their face value.
The sale of the senior notes is expected to settle on March 19. EnLink Midstream intends to use the net proceeds of approximately $1.190 billion from this offering to fund its previously announced tender offer for any and all of its outstanding 8.875% senior notes due 2018, to reduce borrowings under its credit facility and for general partnership purposes, including growth capital expenditures.
BofA Merrill Lynch, Citigroup, and RBC Capital Markets are acting as representatives and joint book-running managers for the offering. In addition, BBVA, BMO Capital Markets, Comerica Securities, JP Morgan, Mitsubishi UFJ Securities, RBS, US Bancorp, and Wells Fargo Securities are acting as joint book-running managers.
EnLink Midstream Partners has also announced that it has begun a cash tender offer to purchase any and all of its outstanding $725,000,000 aggregate principal amount of 8.875% senior notes due 2018. In connection with the offer, EnLink Midstream is soliciting consents to proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants and certain events of default provisions contained in the Indenture. The offer is scheduled to expire at 11:59 p.m., New York City time, on March 18.