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Article: Fitch Rates Midcontinent Express Pipeline's Proposed $800MM Senior Notes 'BBB'.
- Article from:
- Business Wire
- Article date:
- September 9, 2009
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CHICAGO -- Fitch Ratings has assigned a 'BBB' rating to Midcontinent Express Pipeline LLC's (MEP) proposed $800 million senior notes. The notes are expected to be issued in two tranches with $300 million due 2014 and the remaining $500 million due 2019. Proceeds from the offering will be used to repay borrowings on the company's $1.4 billion revolver, which was used to fund construction. The revolver is guaranteed by Kinder Morgan Energy Partners, L.P. (KMP, rated 'BBB' by Fitch) and by Energy Transfer Partners, L.P. (ETP, rated 'BBB-' by Fitch), each 50% owner of MEP. The senior notes do not contain such guarantees and are the unsecured obligation of MEP. The Rating ...