EnLink’s Quest for Cash: Floats 10.5 Million Units to Raise $300M

EnLink Midstream, a pipeline and processing plant company that operates in the northeast and other regions, is on a mission to raise cash. The company is actually two companies on paper: EnLink Midstream LLC (stock ticker ENLC) and EnLink Midstream Partners, LP (ticker ENLK). The later is a master limited partnership, or MLP, meaning they don’t issue shares of stock but something called “units”–which are roughly the same thing as shares of stock. EnLink’s units are publicly traded on the New York Stock Exchange. It was just last week that EnLink floated notes hoping to raise around $400 million (see EnLink Midstream Floats Notes, Hopes to Raise $400M for Expansion). Yesterday the MLP announced they are issuing another 10.5 million units. At this morning’s unit price of $29.43, that would represent another $309 million of cash. Hence our comment that they’re on a mission to raise cash…

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