Enable Midstream Partners, LP (NYSE: ENBL) today announced that it has
entered into a $1 billion three-year unsecured term loan agreement.
Enable has initially borrowed $200 million under the agreement, and a
delayed-draw feature provides Enable the flexibility to make up to $800
million in additional borrowings for up to 180 days from Jan. 29, 2019.
Enable expects that borrowings will be used for general partnership
purposes, including the repayment of existing and future indebtedness
and funding of capital expenditures.
“Our new term loan provides flexible and competitively-priced funding
that enhances our liquidity and supports our growth,” said Rod Sailor,
president and CEO. “We were very pleased with the strong support from
our banking partners that resulted in this attractive source of capital.”
Under the term loan agreement, Enable can borrow at an interest rate
based on the London Interbank Offered Rate (LIBOR) plus an incremental
rate determined by Enable's credit ratings. The incremental rate for
LIBOR borrowings is currently 125 basis points, 25 basis points less
than the current incremental borrowing rate for LIBOR borrowings under
Enable's revolving credit facility. The term loan can be prepaid at any
time, in whole or in part, without penalty and includes two, one-year
extension options, subject to lender approval. The term loan also
contains substantially the same covenants as those contained in Enable's
existing revolving credit agreement.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and
crude oil infrastructure assets. Enable’s assets include over 13,500
miles of natural gas and crude oil gathering pipelines, approximately
2.6 Bcf/d of processing capacity, approximately 7,800 miles of
interstate pipelines (including Southeast Supply Header, LLC of which
Enable owns 50 percent), approximately 2,200 miles of intrastate
pipelines and eight storage facilities comprising 86.0 billion cubic
feet of storage capacity. For more information, visit www.enablemidstream.com.
FORWARD-LOOKING STATEMENTS
Some of the information in this press release may contain
forward-looking statements. Forward-looking statements give our current
expectations, contain projections of results of operations or of
financial condition, or forecasts of future events. Words such as
“could,” “will,” “should,” “may,” “assume,” “forecast,” “position,”
“predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,”
“anticipate,” “believe,” “project,” “budget,” “potential,” or
“continue,” and similar expressions are used to identify forward-looking
statements. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release include our
expectations of plans, strategies, objectives, growth and anticipated
financial and operational performance, including revenue projections,
capital expenditures and tax position. Forward-looking statements can be
affected by assumptions used or by known or unknown risks or
uncertainties. Consequently, no forward-looking statements can be
guaranteed.
A forward-looking statement may include a statement of the assumptions
or bases underlying the forward-looking statement. We believe that we
have chosen these assumptions or bases in good faith and that they are
reasonable. However, when considering these forward-looking statements,
you should keep in mind the risk factors and other cautionary statements
in this press release, in our Annual Report on Form 10-K for the year
ended Dec. 31, 2017 ("Annual Report"), and in our Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2018 ("Quarterly
Report"). Those risk factors and other factors noted throughout this
press release, in our Annual Report and in our Quarterly Report could
cause our actual results to differ materially from those disclosed in
any forward-looking statement. You are cautioned not to place undue
reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such
statement is made and we undertake no obligation to correct or update
any forward-looking statement, whether as a result of new information or
otherwise, except as required by applicable law.
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