Enable Midstream Partners launches IPO

Enable Midstream Partners LP

Enable Midstream Partners LP has begun an initial public offering of 25 million common units. The underwriters of the offering are expected to be granted a 30-day option to purchase up to an additional 3,750,000 common units from affiliates of ArcLight Capital Partners LLC. The common units are expected to trade on the New York Stock Exchange under the ticker symbol “ENBL.”

The common units being offered represent a 6.0% limited partner interest in Enable Midstream, or a 6.9% limited partner interest if the underwriters exercise in full their option to purchase additional common units. CenterPoint Energy (NYSE: CNP) and OGE Energy Corp. (NYSE: OGE), through certain of their subsidiaries, will own 54.7% and 26.7%, respectively, of the limited partner interests in Enable Midstream. Affiliates of ArcLight Capital Partners LLC will own 12.4% of the limited partner interests in Enable Midstream, or 11.5% of the limited partner interests if the underwriters exercise in full their option to purchase additional common units.

Enable Midstream owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable Midstream’s assets include approximately 11,000 miles of gathering pipelines, 12 major processing plants with approximately 2.1 billion cubic feet per day of processing capacity, approximately 7,900 miles of interstate pipelines (including Southeast Supply Header LLC), approximately 2,300 miles of intrastate pipelines and eight storage facilities comprising 86.5 billion cubic feet of storage capacity.

Enable Midstream is a Delaware limited partnership formed by affiliates of CenterPoint Energy, OGE Energy and ArcLight Capital Partners LLC. The partnership is managed by a general partner whose governance is shared by CenterPoint Energy and OGE Energy on a 50/50 basis.

Morgan Stanley, Barclays, Goldman, Sachs & Co. Citigroup, Deutsche Bank Securities, JP Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint book-running managers for the offering, and BofA Merrill Lynch, Credit Suisse, and RBC Capital Markets are acting as co-managers.

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