EnLink Midstream Terminates Financing Agreement and Secures Unsecured Loans

EnLink Midstream, LLC, reported significant financial developments in recent events, as per its 8-K SEC filing dated December 18, 2024. The company, headquartered in Dallas, Texas, revealed the termination of the Receivables Financing Agreement by EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity and indirect subsidiary of EnLink Midstream, LLC.

The Receivables Financing Agreement, initially dated October 21, 2020, involved EnLink Midstream Funding, LLC as the borrower, EnLink Midstream Operating, LP as the servicer, and PNC Bank, National Association, among others. Subsidiaries of EnLink Midstream, LLC, acting as originators, sold and contributed all their accounts receivable and related assets to the SPV. This agreement was terminated on December 20, 2024, concurrently with the repayment of all outstanding amounts.

Moreover, on December 16, 2024, EnLink Midstream, LLC, and ONEOK, Inc., entered into a Promissory Note. This note allows potential revolving unsecured loans at the discretion of ONEOK. EnLink Midstream borrowed $270.0 million on December 18, 2024, and an additional $350.0 million on December 19, 2024, under the Promissory Note. These loans were utilized to repay borrowings from the company’s revolving credit facility and the AR Facility, respectively. The interest on these loans is at 5.0%, with maturity dates on December 27, 2024, and December 31, 2024.

The Promissory Note entails customary representations, warranties, and events of default. The terms were unanimously approved by the Board of Directors of the Managing Member, with oversight from the Conflicts Committee due to the related party nature of the agreement. The full text of the Promissory Note can be referenced in Exhibit 10.1 of the filing.

EnLink Midstream, as outlined in the filing, plans to continue utilizing the Promissory Note for working capital requirements if loans are available under reasonable terms. The company remains committed to its financial strategies, as revealed through recent transactions.

The company aims to ensure financial stability and operational efficiency through the strategic management of its financial obligations and agreements. For further details and insights, readers are encouraged to refer to the complete SEC filing on EnLink Midstream, LLC’s corporate website or the official SEC database.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EnLink Midstream’s 8K filing here.

EnLink Midstream Company Profile

EnLink Midstream, LLC provides midstream energy services in the United States. The company operates through Permian, Louisiana, Oklahoma, North Texas, and Corporate segments. It is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, as well as providing brine disposal services.