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Enable Midstream Announces $1 Billion Term Loan Agreement

Tuesday, January 29, 2019 3:15 pm CST

Dateline:

OKLAHOMA CITY

Public Company Information:

NYSE:
ENBL
"We were very pleased with the strong support from our banking partners that resulted in this attractive source of capital."

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

FORWARD-LOOKING STATEMENTS

Some of the information in this press release may contain forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include our expectations of plans, strategies, objectives, growth and anticipated financial and operational performance, including revenue projections, capital expenditures and tax position. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this press release, in our Annual Report on Form 10-K for the year ended Dec. 31, 2017 ("Annual Report"), and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 ("Quarterly Report"). Those risk factors and other factors noted throughout this press release, in our Annual Report and in our Quarterly Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statement is made and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information or otherwise, except as required by applicable law.

Contact:

Media
David Klaassen
(405) 553-6431

Investor
Matt Beasley
(405) 558-4600