EnLink Midstream Closes Simplification Transaction
EnLink Midstream recomposes Board of Directors
DALLAS, Jan. 25, 2019 /PRNewswire/ -- EnLink Midstream Partners, LP (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC) today announced the completion of the previously announced simplification transaction whereby ENLC acquired all common units of ENLK that ENLC did not previously own.
Common units of EnLink Midstream, LLC will continue to trade on the New York Stock Exchange under the "ENLC" ticker symbol. According to the terms of the transaction, each ENLK common unit converted into the right to receive 1.15 ENLC common units and the incentive distribution rights in ENLK were eliminated. As a result of the transaction, ENLK's common units will no longer be publicly traded.
"EnLink has executed another transformative step with the closing of this simplification transaction, which we believe is the right structure to generate long-term, sustainable value to our stakeholders," said Michael J. Garberding, EnLink President and Chief Executive Officer. "EnLink has purposely built a differentiated asset platform, offering integrated, multicommodity midstream services and a strong financial foundation."
ENLC also reconstituted its Board of Directors and the Committees thereof. The new Board is composed of Barry E. Davis (Executive Chairman), Michael J. Garberding, William J. Brilliant, Leldon E. Echols, Matthew C. Harris, Christopher Ortega, Kyle D. Vann, William A. Woodburn, and James C. Crain. Full bios and committee composition details are available on www.EnLink.com.
About EnLink Midstream
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drives competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.
This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions, and expectations of our management, the matters addressed herein involve certain assumptions, risks, and uncertainties that could cause actual activities, performance, outcomes, and results to differ materially than those indicated herein. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward looking statements, including but not limited to statements identified by the words "forecast," "may," "believe," "will," "should," "plan," "predict," "anticipate," "intend," "estimate," and "expect" and similar expressions. Such forward-looking statements include, but are not limited to, statements about the benefits of the simplification transaction, the composition of the Board, whether the structure resulting from the simplification transaction will simplify the corporate structure and generate value to stakeholders, the operations and competitive advantage of ENLC following the simplification transaction, and other statements that are not historical facts. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of ENLK and ENLC, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These and other applicable uncertainties, factors, and risks are described more fully in ENLK's and ENLC's filings with the Securities and Exchange Commission ("SEC"), including ENLK's and ENLC's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Neither ENLK nor ENLC assumes any obligation to update any forward-looking statements.
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SOURCE EnLink Midstream
Released January 25, 2019