Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Debt

As of December 31, 2019 and 2018, long-term debt consisted of the following (in millions):

	December 31, 2019								December 31, 2018
	Outstanding Principal		Premium (Discount)			Long-Term Debt			Outstanding Principal		Premium (Discount)			Long-Term Debt
Consolidated Credit Facility due 2024 (1)	$	350.0	$	—		$	350.0		$	—	$	—		$	—
Term Loan due 2021 (2)	850.0		—			850.0			850.0		—			850.0
ENLC Credit Facility due 2019 (3)	—		—			—			111.4		—			111.4
ENLK’s 2.70% Senior unsecured notes due 2019 (4)	—		—			—			400.0		—			400.0
ENLK’s 4.40% Senior unsecured notes due 2024	550.0		1.5			551.5			550.0		1.8			551.8
ENLK’s 4.15% Senior unsecured notes due 2025	750.0		(0.7		)	749.3			750.0		(0.9		)	749.1
ENLK’s 4.85% Senior unsecured notes due 2026	500.0		(0.5		)	499.5			500.0		(0.5		)	499.5
ENLC’s 5.375% Senior unsecured notes due 2029	500.0		—			500.0			—		—			—
ENLK’s 5.60% Senior unsecured notes due 2044	350.0		(0.2		)	349.8			350.0		(0.2		)	349.8
ENLK’s 5.05% Senior unsecured notes due 2045	450.0		(5.9		)	444.1			450.0		(6.2		)	443.8
ENLK’s 5.45% Senior unsecured notes due 2047	500.0		(0.1		)	499.9			500.0		(0.1		)	499.9
Debt classified as long-term, including current maturities of long-term debt	$	4,800.0	$	(5.9	)	4,794.1			$	4,461.4	$	(6.1	)	4,455.3
Debt issuance cost (5)						(29.8		)						(24.5		)
Less: Current maturities of long-term debt (4)						—								(399.8		)
Long-term debt, net of unamortized issuance cost						$	4,764.3							$	4,031.0

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(1) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 3.3% at December 31, 2019.

(2) Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 3.2% and 3.9% at December 31, 2019 and 2018, respectively.

(3) Bore interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 4.4% at December 31, 2018. In connection with the closing of the Merger, the ENLC Credit Facility was canceled, and all outstanding borrowings were refinanced through borrowings on the Consolidated Credit Facility. Since the borrowings under the ENLC Credit Facility were refinanced with long-term debt, they are classified as “Long-term debt” on the consolidated balance sheet as of December 31, 2018.

(4) ENLK’s 2.70% senior unsecured notes matured on April 1, 2019. Therefore, the outstanding principal balance, net of discount and debt issuance costs, is classified as “Current maturities of long-term debt” on the consolidated balance sheet as of December 31, 2018.

(5)

Net of accumulated amortization of $10.9 million and $16.5 million at December 31, 2019 and 2018, respectively.See applicable redemption provision terms below:

Issuance	Maturity Date of Notes	Early Redemption Date	Basis Point Premium
2024 Notes	April 1, 2024	Prior to January 1, 2024	25 Basis Points
2025 Notes	June 1, 2025	Prior to March 1, 2025	30 Basis Points
2026 Notes	July 15, 2026	Prior to April 15, 2026	50 Basis Points
2029 Notes	June 1, 2029	Prior to March 1, 2029	50 Basis Points
2044 Notes	April 1, 2044	Prior to October 1, 2043	30 Basis Points
2045 Notes	April 1, 2045	Prior to October 1, 2044	30 Basis Points
2047 Notes	June 1, 2047	Prior to June 1, 2047	40 Basis Points

Schedule of Maturities of Long-term Debt

Maturities for the long-term debt as of December 31, 2019 are as follows (in millions):

2020	$	—
2021	850.0
2022	—
2023	—
2024	900.0
Thereafter	3,050.0
Subtotal	4,800.0
Less: net discount	(5.9		)
Less: debt issuance cost	(29.8		)
Long-term debt, net of unamortized issuance cost	$	4,764.3