Partners' Equity

9 Months Ended

Sep. 30, 2021

Partners’ Equity

The Partnership Agreement requires that, within 60 days after the end of each quarter, the Partnership distribute all of its available cash (as defined in the Partnership Agreement) to unitholders of record on the applicable record date.

The Partnership paid or has authorized payment of the following cash distributions to common unitholders, as applicable, during 2021 and 2020 (in millions, except for per unit amounts):


Three Months Ended	Record Date	Payment Date	Per Unit Distribution		Total Cash Distribution
September 30, 2021 (1)	November 8, 2021	November 17, 2021	$	0.16525	$	72
June 30, 2021	August 12, 2021	August 24, 2021	$	0.16525	$	72
March 31, 2021	May 13, 2021	May 25, 2021	$	0.16525	$	72
December 31, 2020	February 22, 2021	March 1, 2021	$	0.16525	$	72
September 30, 2020	November 17, 2020	November 24, 2020	$	0.16525	$	72
June 30, 2020	August 18, 2020	August 25, 2020	$	0.16525	$	72
March 31, 2020	May 19, 2020	May 27, 2020	$	0.16525	$	72

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(1)The Board of Directors declared a $0.16525 per common unit cash distribution on October 26, 2021, to be paid on November 17, 2021 to common unitholders of record at the close of business on November 8, 2021.

Holders of the Series A Preferred Units receive a quarterly cash distribution on a non-cumulative basis if and when declared by the General Partner, and subject to certain adjustments, equal to an annual rate of 10% on the stated liquidation preference of $25.00 from the date of original issue, February 18, 2016, to, but not including, the five-year anniversary of the original issue date, February 18, 2021. Thereafter, the holders receive a quarterly cash distribution based on a percentage of the stated liquidation preference equal to the sum of the three-month LIBOR plus 8.5%, which is included for each relevant period in the table below.

The Partnership paid or has authorized payment of the following cash distributions to holders of the Series A Preferred Units during 2021 and 2020 (in millions, except for per unit amounts):


Three Months Ended	Record Date	Payment Date	Distribution Rate		Per Unit Distribution		Total Cash Distribution
September 30, 2021 (1)	October 26, 2021	November 12, 2021	8.6449	%	$	0.5403	$	8
June 30, 2021	July 30, 2021	August 13, 2021	8.7016	%	$	0.5439	$	8
March 31, 2021 (2)	April 26, 2021	May 14, 2021	8.7375	%	$	0.5873	$	9
December 31, 2020	February 12, 2021	February 12, 2021	10.0	%	$	0.625	$	9
September 30, 2020	November 3, 2020	November 13, 2020	10.0	%	$	0.625	$	9
June 30, 2020	August 4, 2020	August 14, 2020	10.0	%	$	0.625	$	9
March 31, 2020	May 5, 2020	May 15, 2020	10.0	%	$	0.625	$	9

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(1)The Board of Directors declared a $0.5403 per Series A Preferred Unit cash distribution on October 26, 2021, to be paid on November 12, 2021, to Series A Preferred unitholders of record at the close of business on October 26, 2021.

(2)The distribution rate for the three months ended March 31, 2021 reflects 10% through February 18, 2021, and the sum of the three-month LIBOR plus 8.5% for the remaining days in the period.

Enable Midstream Partners, LP 10-Q