Long-Term Debt

3 Months Ended

Mar. 31, 2022

(5) Long-Term Debt

As of March 31, 2022 and December 31, 2021, long-term debt consisted of the following (in millions):


	March 31, 2022						December 31, 2021
	Outstanding Principal		Premium (Discount)		Long-Term Debt		Outstanding Principal		Premium (Discount)		Long-Term Debt

Consolidated Credit Facility due 2024 (1)	$	—	$	—	$	—	$	15.0	$	—	$	15.0
AR Facility due 2024 (2)	315.0		—		315.0		350.0		—		350.0
ENLK’s 4.40% Senior unsecured notes due 2024	521.8		0.6		522.4		521.8		0.7		522.5
ENLK’s 4.15% Senior unsecured notes due 2025	720.8		(0.4)		720.4		720.8		(0.4)		720.4
ENLK’s 4.85% Senior unsecured notes due 2026	491.0		(0.3)		490.7		491.0		(0.3)		490.7
ENLC’s 5.625% Senior unsecured notes due 2028	500.0		—		500.0		500.0		—		500.0
ENLC’s 5.375% Senior unsecured notes due 2029	498.7		—		498.7		498.7		—		498.7
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		(5.4)		444.6		450.0		(5.5)		444.5
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	$	4,347.3	$	(5.8)	4,341.5		$	4,397.3	$	(5.8)	4,391.5
Debt issuance cost (3)					(26.5)						(27.8)

Long-term debt, net of unamortized issuance cost					$	4,315.0					$	4,363.7

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(1)Bears interest based on Prime and/or LIBOR plus an applicable margin. The effective interest rate was 3.9% at December 31, 2021.

(2)Bears interest based on LMIR and/or LIBOR plus an applicable margin. The effective interest rate was 1.5% and 1.2% at March 31, 2022 and December 31, 2021, respectively.

(3)Net of accumulated amortization of $19.7 million and $18.4 million at March 31, 2022 and December 31, 2021, respectively.

Consolidated Credit Facility

The Consolidated Credit Facility permits ENLC to borrow up to $1.75 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. There were no outstanding borrowings under the Consolidated Credit Facility and $44.3 million outstanding letters of credit as of March 31, 2022.

At March 31, 2022, we were in compliance with and expect to be in compliance with the financial covenants of the Consolidated Credit Facility for at least the next twelve months.

AR Facility

On October 21, 2020, EnLink Midstream Funding, LLC, a bankruptcy-remote special purpose entity that is an indirect subsidiary of ENLC (the “SPV”) entered into the AR Facility. We are the primary beneficiary of the SPV and we consolidate its assets and liabilities, which consist primarily of billed and unbilled accounts receivable of $882.6 million. As of March 31, 2022, the AR Facility had a borrowing base of $350.0 million and there were $315.0 million in outstanding borrowings under the AR Facility.

At March 31, 2022, we were in compliance with and expect to be in compliance with the financial covenants of the AR Facility for at least the next twelve months.