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Why Units of EnLink Midstream Are Soaring Today

Why Units of EnLink Midstream Are Soaring Today

EnLink Midstream secured a three-year, $250 million accounts receivable financing facility with PNC Bank. It will have an initial base of $225 million, which will vary based on the value of its accounts receivable balance. The MLP intends to use those proceeds to repay the outstanding borrowings on its $1.75 billion revolving credit facility, which stood at $75 million at the end of September.