Why Units of EnLink Midstream Are Soaring Today
Units of EnLink Midstream (NYSE: ENLC) jumped as much as 10.6% by 3:15 p.m. EDT on Thursday. Fueling the MLP's rally was an update on its finances.
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.
Image source: Getty Images.
Source Fool.com
