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ENLC

EnLink Midstream

$1.03 /

-0.115 (-10.04%)

06:14
03/24/20
03/24
06:14
03/24/20
06:14

EnLink Midstream cuts quarterly distribution by 50%, provides strategy update

EnLink Midstream announced an update regarding its financial strategy, including a reduction in its quarterly common unit distribution and additional reductions in operating and general and administrative expenses. EnLink's board has approved a reduction in its quarterly common unit distribution to 9.38c per unit, from 18.75c per unit paid for Q4, reflecting a 50% reduction. This reduction results in approximately $185M of additional cash available to EnLink for FY20, which it intends to apply towards liquidity preservation and balance sheet management. EnLink continues to identify and implement numerous expense reduction initiatives and is currently targeting $50M of incremental expense savings across its cost structure during 2020, which is in addition to the expense savings initiated during Q4. On March 17, EnLink announced a 30% reduction in 2020 total capital expenditures, net to EnLink, which will result in approximately $115M of incremental 2020 cash flow based on the midpoint of EnLink's latest guidance range. Furthermore, EnLink continues to evaluate additional reductions to capital expenditures, excluding maintenance expenditures, as a significant portion of EnLink's 2020 capital expenditures is flexible and can be managed according to producer activity. EnLink exited 2019 with a $1.75B unsecured revolving credit facility, upon which only approximately $350M was drawn, and no near-term debt maturities. EnLink's unsecured revolving credit facility is backed by 21 global financial institutions, and 17 of those institutions are lenders of EnLink's term loan, which does not mature until December 2021. In the event capital markets remain challenging, EnLink has the option of repaying the term loan by drawing on the unsecured revolving credit facility, which matures in early 2024, with no impact to leverage metrics or covenant calculations. EnLink's first maturity on its senior notes is during the first quarter of 2024. Approximately 35% of EnLink's outstanding senior notes have a remaining tenor of more than 20 years, and all outstanding senior notes are unsecured.

ENLC EnLink Midstream
$1.03 /

-0.115 (-10.04%)

03/24/20 Barclays
EnLink Midstream downgraded to Underweight from Equal Weight at Barclays
03/12/20 Raymond James
EnLink Midstream downgraded to Market Perform from Outperform at Raymond James
03/12/20 Raymond James
EnLink Midstream downgraded to Market Perform from Outperform at Raymond James
03/09/20 Baird
Baird downgrades eight stocks to Neutral in Energy Infrastructure

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Initiation
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Macquarie Infrastructure cut to Sector Perform from Outperform at RBC Capital » 06:24
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Recommendations
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Recommendations
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Lennox upgraded to Buy from Neutral at Seaport Global » 06:14
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Nasdaq upgraded to Neutral from Sell at Citi » 06:14
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Periodicals
Airbus considering steep cut in A320-family production, Reuters reports » 06:14
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Periodicals
US shale producers launch anti-Saudi lobbying push, FT reports » 06:13
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$39.61 /

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$8.31 /

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IntercontinentalExchange upgraded to Buy from Neutral at Citi » 06:13
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06:13
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ICE

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$81.23 /

+1.91 (+2.41%)

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