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Enable Midstream Prices $1.65B Private Offering
Enable Midstream Partners, LP has reported the pricing of a $1.65 billion private offering, consisting of $500 million aggregate principal amount of 2.400% Senior Notes due 2019, $600 million aggregate principal amount of 3.900% Senior Notes due 2024 and $550 million aggregate principal amount of 5.000% Senior Notes due 2044.
The notes will be senior unsecured obligations of Enable Midstream Partners, LP. CenterPoint Energy Resources Corp. will guarantee the collection of Enable Midstream’s obligations under the notes maturing in 2019 and 2024 on an unsecured subordinated basis, subject to automatic release on May 1, 2016. The offering of the notes is expected to close on or about May 27, 2014.
Enable Midstream intends to apply $1.05 billion of the net proceeds from the 2.400% Senior Notes due 2019 and the 3.900% Senior Notes due 2024 to repay its $1.05 billion term loan in full. Enable Midstream intends to apply all other net proceeds from the offering to contribute funds to Enable Oklahoma Intrastate Transmission, LLC for repayment of Enable Oklahoma’s $250 million term loan and of Enable Oklahoma’s $200 million 6.875% Senior Notes due 2014 at maturity and for general partnership purposes, including the funding of expansion capital expenditures.
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