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Certain Provisions of the ENLK Partnership Agreement
 9 Months Ended
Sep. 30, 2022
Partners' Capital [Abstract]  
Certain Provisions of the ENLK Partnership Agreement
(8) Certain Provisions of the ENLK Partnership Agreement

a.Series B Preferred Units

As of September 30, 2022 and December 31, 2021, there were 54,168,359 and 57,501,693 Series B Preferred Units issued and outstanding, respectively.

In January 2022, we redeemed 3,333,334 Series B Preferred Units for total consideration of $50.5 million plus accrued distributions. In addition, upon such redemption, a corresponding number of ENLC Class C Common Units were automatically cancelled. The redemption price represents 101% of the preferred units’ par value. In connection with the Series B Preferred Unit redemption, we have agreed with the holders of the Series B Preferred Units that we will pay cash in lieu of making a quarterly PIK distribution through the distribution declared for the fourth quarter of 2022.

A summary of the distribution activity relating to the Series B Preferred Units during the nine months ended September 30, 2022 and 2021 is provided below:
Declaration periodDistribution paid as additional Series B Preferred UnitsCash distribution (in millions)Date paid/payable
2022
Fourth Quarter of 2021— $19.2 February 11, 2022 (1)
First Quarter of 2022— $17.5 May 13, 2022 (2)
Second Quarter of 2022— $17.3 August 12, 2022
Third Quarter of 2022— $17.3 November 14, 2022
2021
Fourth Quarter of 2020150,494 $16.9 February 12, 2021
First Quarter of 2021150,871 $17.0 May 14, 2021
Second Quarter of 2021151,248 $17.0 August 13, 2021
Third Quarter of 2021151,626 $17.1 November 12, 2021
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(1)In December 2021 and January 2022, we paid $0.9 million and $1.0 million, respectively, of accrued distributions related to the fourth quarter of 2021 on redeemed Series B Preferred Units. The remaining distribution of $17.3 million related to the fourth quarter of 2021 was paid on February 11, 2022.
(2)In January 2022, we paid $0.3 million of accrued distributions related to the first quarter of 2022 on redeemed Series B Preferred Units. The remaining distribution of $17.2 million related to the first quarter of 2022 was paid on May 13, 2022.

b.Series C Preferred Units

As of September 30, 2022 and December 31, 2021, there were 400,000 Series C Preferred Units issued and outstanding, respectively. ENLK distributed $12.0 million to holders of Series C Preferred Units during the nine months ended September 30, 2022 and 2021, respectively. There was no distribution activity related to the Series C Preferred Units during the three months ended September 30, 2022 and 2021.