Long-Term Debt

6 Months Ended

Jun. 30, 2024

(5) Long-Term Debt

As of June 30, 2024 and December 31, 2023, long-term debt consisted of the following (in millions):


	June 30, 2024						December 31, 2023
	Outstanding Principal		Premium (Discount)		Long-Term Debt		Outstanding Principal		Premium (Discount)		Long-Term Debt

Revolving Credit Facility due 2027 (1)	$	229.0	$	—	$	229.0	$	—	$	—	$	—
AR Facility due 2025 (2)	254.4		—		254.4		300.0		—		300.0
ENLK’s 4.40% Senior unsecured notes due 2024	—		—		—		97.9		—		97.9
ENLK’s 4.15% Senior unsecured notes due 2025	421.6		—		421.6		421.6		—		421.6
ENLK’s 4.85% Senior unsecured notes due 2026	491.0		(0.1)		490.9		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		(2.5)		997.5		1,000.0		(2.7)		997.3
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		(4.9)		445.1		450.0		(5.0)		445.0
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	$	4,694.7	$	(7.8)	4,686.9		$	4,609.2	$	(8.2)	4,601.0
Debt issuance cost (3)					(29.5)						(32.1)
Less: Current maturities of long-term debt (4)(5)					(421.2)						(97.9)
Long-term debt, net of unamortized issuance cost					$	4,236.2					$	4,471.0

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(1)The effective interest rate was 6.9% at June 30, 2024.

(2)The effective interest rate was 6.3% and 6.4% at June 30, 2024 and December 31, 2023, respectively.

(3)Net of accumulated amortization of $22.6 million and $20.0 million at June 30, 2024 and December 31, 2023, respectively.

(4)The outstanding balance, net of debt issuance costs, of ENLK’s 4.40% senior unsecured notes are classified as “Current maturities of long-term debt” in the consolidated balance sheet as of December 31, 2023 as these notes matured on April 1, 2024.

(5)The outstanding balance, net of debt issuance costs, of ENLK’s 4.15% senior unsecured notes are classified as “Current maturities of long-term debt” in the consolidated balance sheet as of June 30, 2024 as these notes mature on June 1, 2025.

Revolving Credit Facility

The Revolving Credit Facility permits ENLC to borrow up to $1.4 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. There were $229.0 million in outstanding borrowings under the Revolving Credit Facility and $14.6 million in outstanding letters of credit as of June 30, 2024.

At June 30, 2024, 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 $600.6 million as of June 30, 2024. As of June 30, 2024, the AR Facility had a borrowing base of $345.5 million and there were $254.4 million in outstanding borrowings under the AR Facility.

The amount available for borrowings at any one time under the AR Facility is limited to a borrowing base amount calculated based on the outstanding balance of eligible receivables held as collateral, subject to certain reserves, concentration limits, and other limitations. Depending on our operational needs, we may not borrow the total amount available for borrowings.

At June 30, 2024, 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.