Long-Term Debt

9 Months Ended

Sep. 30, 2023

(6) Long-Term Debt

As of September 30, 2023 and December 31, 2022, long-term debt consisted of the following (in millions):


	September 30, 2023						December 31, 2022
	Outstanding Principal		Premium (Discount)		Long-Term Debt		Outstanding Principal		Premium (Discount)		Long-Term Debt

Revolving Credit Facility due 2027 (1)	$	160.0	$	—	$	160.0	$	255.0	$	—	$	255.0
AR Facility due 2025 (2)	292.0		—		292.0		500.0		—		500.0
ENLK’s 4.40% Senior unsecured notes due 2024	97.9		—		97.9		97.9		—		97.9
ENLK’s 4.15% Senior unsecured notes due 2025	421.6		—		421.6		421.6		(0.1)		421.5
ENLK’s 4.85% Senior unsecured notes due 2026	491.0		(0.2)		490.8		491.0		(0.2)		490.8
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
ENLC’s 6.50% Senior unsecured notes due 2030	1,000.0		(2.8)		997.2		700.0		—		700.0
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		(5.1)		444.9		450.0		(5.2)		444.8
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	$	4,761.2	$	(8.4)	4,752.8		$	4,764.2	$	(5.8)	4,758.4
Debt issuance cost (3)					(33.5)						(34.9)
Less: Current maturities of long-term debt (4)					(97.9)						—
Long-term debt, net of unamortized issuance cost					$	4,621.4					$	4,723.5

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(1)The effective interest rate was 7.0% and 6.5% at September 30, 2023 and December 31, 2022, respectively.

(2)The effective interest rate was 6.3% and 5.3% at September 30, 2023 and December 31, 2022, respectively.

(3)Net of accumulated amortization of $18.7 million and $15.1 million at September 30, 2023 and December 31, 2022, respectively.

(4)The outstanding balance, net of debt issuance costs, of ENLK’s 4.40% senior unsecured notes as of September 30, 2023 are classified as “Current maturities of long-term debt” on the consolidated balance sheet as these notes mature on April 1, 2024.

Revolving Credit Facility

The Revolving Credit Facility permits ENLC to borrow up to $1.40 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. There were $160.0 million in outstanding borrowings under the Revolving Credit Facility and $29.6 million in outstanding letters of credit as of September 30, 2023.

At September 30, 2023, we were in compliance with and expect to be in compliance with the financial covenants of the Revolving Credit Facility for at least the next twelve months.

AR Facility

On October 21, 2020, 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 $652.9 million as of September 30, 2023. As of September 30, 2023, the AR Facility had a borrowing base of $443.4 million and there were $292.0 million in outstanding borrowings under the AR Facility.

At September 30, 2023, 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.

Senior Unsecured Notes

On April 3, 2023, we completed the sale of an additional $300.0 million aggregate principal amount of 6.50% senior unsecured notes due 2030 (the “Additional Notes”) at 99% of their face value. The Additional Notes were offered as an additional issuance of our existing 6.50% senior unsecured notes due 2030 that we issued on August 31, 2022 in an aggregate principal amount of $700.0 million. Net proceeds of approximately $294.5 million were used to repay a portion of the borrowings under the Revolving Credit Facility. The Additional Notes are fully and unconditionally guaranteed by ENLK.