XML 44 R35.htm IDEA: XBRL DOCUMENT v3.23.2
Certain Provisions of the ENLK Partnership Agreement (Tables)
 6 Months Ended
Jun. 30, 2023
Partners' Capital [Abstract]  
Summary of Distribution Activity A summary of the distribution activity relating to the Series B Preferred Units during the six months ended June 30, 2023 and 2022 is provided below:
Declaration periodPIK DistributionCash distribution (in millions)Date paid/payable
2023
Fourth Quarter of 2022— $17.3 February 13, 2023
First Quarter of 2023135,421 $15.2 May 12, 2023
Second Quarter of 2023135,759 $15.3 August 11, 2023
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
____________________________
(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.
Income is allocated to the Series C Preferred Units in an amount equal to the earned distribution for the respective reporting period. A summary of the distribution activity relating to the Series C Preferred Units during the six months ended June 30, 2023 and 2022 is provided below:
Declaration period (1)Distribution rate (2)Cash distribution (in millions)Date paid/payable
2023
December 15, 2022 – March 14, 20238.846 %$8.4 March 15, 2023
March 15, 2023 – June 14, 20239.051 %$8.7 June 15, 2023
June 15, 2023 – September 14, 20239.618 %$9.3 September 15, 2023
2022
December 15, 2021 – June 14, 20226.000 %$12.0 June 15, 2022
June 15, 2022 – December 14, 20226.000 %$12.0 December 15, 2022
____________________________
(1)Distributions on the Series C Preferred Units accrued and were cumulative from the date of original issue and payable semi-annually in arrears on the 15th day of June and December of each year through and including December 15, 2022 and, thereafter, accrue quarterly in arrears on the 15th day of March, June, September, and December of each year, in each case, if and when declared by the General Partner out of legally available funds for such purpose.
(2)The initial distribution rate for the Series C Preferred Units from the date of original issue through December 14, 2022 was 6.0% per year. Starting on December 15, 2022, distributions on the Series C Preferred Units accumulate for each distribution period at a percentage of the $1,000 liquidation preference per unit equal to the floating rate of the three-month LIBOR plus a spread of 4.11%. Beginning with the interest period starting on September 15, 2023, distributions on the Series C Preferred Units will accumulate at a forward-looking term rate based on SOFR (“Term SOFR”), plus a Term SOFR spread adjustment of 0.26161%, plus a spread of 4.11%.