Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Wed, January 19, 2:35 AM
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Slide #197. EnLink Midstream Partners, LP — Preferred Stock Offering
EnLink Midstream Partners, LP (ENLK)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) today announced that it has priced an underwritten public offering of 400,000 of its 6.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the Preferred Units) at a price of $1,000 per unit. Distributions on the Preferred Units will be payable from and including the date of original issue to, but not including, December 15, 2022, at a rate of 6.000% per annum of the stated liquidation preference of $1,000. On and after December 15, 2022, distributions on the Preferred Units will accumulate at a percentage of the $1,000 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 4.11%. The offering is expected to close on or about September 21, 2017, subject to the satisfaction of customary closing conditions.
EnLink Midstream Partners is primarily focus on providing midstream energy services, including: gathering, compressing, treating, processing, transporting, storing and selling natural gas; fractionating, transporting, storing, exporting and selling natural gas liquids; and gathering, transporting, stabilizing, storing, trans-loading and selling crude oil and condensate. Co.'s business activities are conducted through its subsidiary, EnLink Midstream Operating, LP. Co.'s assets are included in five primary segments: Texas; Oklahoma; Louisiana; Crude and Condensate; and Corporate.
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Buy (2.62 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com