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ENLINK MIDSTREAM, LLC

(ENLC)
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ENLINK MIDSTREAM, LLC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

09/27/2021 | 08:49am EST

Item 1.01. Entry into a Material Definitive Agreement.

On September 24, 2021 (the "Amendment Date"), EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity (the "SPV") that is an indirect subsidiary of EnLink Midstream, LLC ("ENLC"), entered into the Second Amendment to the Receivables Financing Agreement (the "Second Amendment"), which amended the Receivables Financing Agreement, dated as of October 21, 2020 (as amended by the First Amendment thereto as of February 26, 2021, the "RFA"), in each case among the SPV, as borrower, EnLink Midstream Operating, LP, as initial servicer, PNC Bank, National Association, as administrative agent and lender, and PNC Capital Markets LLC, as structuring agent and sustainability agent.

Under the Second Amendment and related documentation, the SPV's three-year committed accounts receivable securitization facility was amended to, among other things: (i) increase the facility limit and lender commitments under the RFA by $50 million to $350 million, (ii) extend the Scheduled Termination Date (as defined in the RFA) of the facility to September 24, 2024, and (iii) reduce the currently effective drawn fee to 110 bps from the previous 125 bps.

As of the Amendment Date, there were $300 million of borrowings by the SPV under the RFA and the borrowing base was $350 million.

The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant.



The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d)        Exhibits.




EXHIBIT
NUMBER          DESCRIPTION

  10.1      -     Second Amendment to the Receivables Financing Agreement, dated
                as of September 24, 2021, among EnLink Midstream Funding, LLC, as
                borrower, EnLink Midstream Operating, LP, as initial servicer, PNC
                Bank, National Association, as administrative agent and as lender,
                and PNC Capital Markets LLC, as structuring agent and
                sustainability agent.

104         -   Cover Page Interactive Data File, formatted in Inline XBRL
                (included as Exhibit 101).




                                       2

© Edgar Online, source Glimpses

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P/E ratio 2021 2 288x
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Barry E. Davis Executive Chairman & Chief Executive Officer
Pablo G. Mercado Chief Financial Officer & Executive Vice President
Jared C. Larew Senior Vice President-Engineering
Benjamin D. Lamb Chief Operating Officer & Executive Vice President
Alaina K. Brooks Secretary, Chief Legal & Administrative Officer
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