OKLAHOMA CITY--(BUSINESS WIRE)--
Enable Midstream Partners, LP (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.
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