EnLink Midstream’s $2.6 Billion of Term and Revolving Credit Facilities

Bracewell LLP represented Bank of America as administrative agent on the transaction

ENLK has entered into an $850 million, three-year unsecured term loan agreement and that ENLC has entered into a revolving credit agreement to refinance EnLink’s two existing revolving credit facilities into one aggregate facility of $1.75 billion (Refinanced Credit Facility).

Proceeds from the term loan were used to repay almost all of ENLK’s existing revolving credit facility. EnLink expects borrowings and letters of credit under the Refinanced Credit Facility to become available upon the closing of its previously announced simplification transaction, and the proceeds from the Refinanced Credit Facility will be used for general company purposes, including repayment of all existing indebtedness under EnLink’s two existing revolving credit facilities and funding of growth capital expenditures.

Merrill Lynch, Pierce, Fenner & Smith Incorporated served as lead arranger and Bank of America, N.A. will be the administrative agent for both the term loan and Revolving Credit Facility. BMO Capital Markets Corp., RBC Capital Markets, Citibank, N.A., and Wells Fargo Securities, LLC served as joint lead arrangers for the facilities.

Bracewell advised with a team including Kate H. Day (Picture), Michele J. Alexander, Scott C. Sanders, Joshua C. Zive, Annemarie E. Dunleavy, Shannon I. Lindamood and Ryan Davis.

Involved fees earner: Michele Alexander – Bracewell; Ryan Davis – Bracewell; Kate Day – Bracewell; Annemarie Dunleavy – Bracewell; Shannon Lindamood – Bracewell; Scott Sanders – Bracewell; Joshua Zive – Bracewell;

Law Firms: Bracewell;

Clients: Bank of America;