Enable Midstream Partners, LP (NYSE: ENBL) today announced 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 (“Enable Midstream”). 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 (“Enable Oklahoma”) 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.
The notes will be offered and sold only to qualified institutional
buyers in accordance with Rule 144A under the Securities Act of 1933
(the “Securities Act”), and to non-U.S. persons in accordance with
Regulation S under the Securities Act. When issued, the notes will not
have been registered under the Securities Act or state securities laws
and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other securities and
shall not constitute an offer, solicitation or sale in any jurisdiction
in which, or to any person to whom, such an offer, solicitation or sale
is unlawful. Any offers of the notes will be made only by means of a
private offering memorandum.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable Midstream owns, operates and develops strategically located
natural gas and crude oil infrastructure assets. The Partnership’s
assets include approximately 11,000 miles of gathering pipelines, 12
major processing plants with approximately 2.1 billion cubic feet per
day of processing capacity, approximately 7,900 miles of interstate
pipelines (including Southeast Supply Header, LLC of which Enable
Midstream owns 24.95 percent), approximately 2,300 miles of intrastate
pipelines and eight storage facilities comprising 86.5 billion cubic
feet of storage capacity.
This press release may contain “forward-looking statements” within the
meaning of the securities laws. All statements, other than statements of
historical fact, regarding Enable Midstream’s strategy, future
operations, financial position, estimated revenues, projected costs,
prospects, plans and objectives of management are forward-looking
statements. These statements often include the words “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and
similar expressions and are intended to identify forward-looking
statements, although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on Enable
Midstream’s current expectations and assumptions about future events and
are based on currently available information as to the outcome and
timing of future events. Enable Midstream assumes no obligation to and
does not intend to update any forward-looking statements included
herein. When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements described under
the heading “Risk Factors” included in our SEC filings. Enable Midstream
cautions you that these forward-looking statements are subject to all of
the risks and uncertainties, most of which are difficult to predict and
many of which are beyond its control, incident to the ownership,
operation and development of natural gas and crude oil infrastructure
assets. These risks include, but are not limited to, contract renewal
risk, commodity price risk, environmental risks, operating risks,
regulatory changes and the other risks described under “Risk Factors” in
our SEC filings. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, Enable
Midstream’s actual results and plans could differ materially from those
expressed in any forward-looking statements.
Copyright Business Wire 2014