S&P assigns Boardwalk Pipelines notes BBB-

S&P said it assigned a BBB- issue-level rating to Boardwalk Pipelines LP’s proposed senior unsecured notes.

“The BBB- issue-level rating is in line with our issue-level rating on the company’s existing senior unsecured debt,” S&P said in a press release.

Boardwalk plans to use the proceeds to pay down its $440 million of Texas Gas senior notes, which come due in early 2021. Remaining proceeds, if any, are expected to be used to repay revolver borrowings and for other general corporate purposes.

“We rate Boardwalk and its subsidiaries on a consolidated basis; thus the refinancing of subsidiary debt at the parent level does not affect our view of the group’s leverage or our rating,” S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.