UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. | Entry into a Material Definitive Agreement. |
On February 26, 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 First Amendment to the Receivables Financing Agreement (the “Amendment”), which amended the Receivables Financing Agreement, dated as of October 21, 2020 (the “RFA”), in each case among the SPV, as borrower, EnLink Midstream Operating, LP, as initial servicer, and PNC Bank, National Association, as administrative agent and lender.
Under the 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 $300 million, (ii) reduce the Adjusted LIBOR and LMIR (each as defined in the RFA) minimum floor to zero, rather than the previous 37.5 basis points, and (iii) reduce the currently effective drawn fee to 125 bps rather than the previous 162.5 bps, which fee is subject to change based on ENLC’s credit rating.
As of the Amendment Date, there were $250 million of borrowings by the SPV under the RFA.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the 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 | — | First Amendment to the Receivables Financing Agreement, dated as of February 26, 2021, among EnLink Midstream Funding, LLC, as borrower, EnLink Midstream Operating, LP, as initial servicer, and PNC Bank, National Association, as administrative agent and as lender. |
104 | — | Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ENLINK MIDSTREAM, LLC | ||
By: | EnLink Midstream Manager, LLC, its Managing Member |
Date: March 1, 2021 | By: | /s/ Pablo G. Mercado |
Pablo G. Mercado | ||
Executive Vice President and Chief Financial Officer |
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