Ruby Pipeline Bond Is From El Paso/Global Infrastructure Venture
October 31 2011 - 11:07AM
Dow Jones News
Ruby Pipeline LLC, a joint venture owned by El Paso Corp. (EP)
and Global Infrastructure Partners LLC, is marketing a $1.075
billion senior unsecured bond offering that it expects to price
this week.
Ruby Pipeline is a 680-mile-long interstate pipeline that
transports natural gas between Opal, Wyoming, and Malin, Oregon,
providing a key link between the Rocky Mountains and the western
U.S.
Proceeds from the bond and a separate interim loan facility
being put in place will help Ruby refinance an existing project
finance loan. The pipeline was put into service in July.
The notes have been rated Baa3 by Moody's Investors Service, and
BBB-minus by both Standard & Poor's and Fitch Ratings--the last
rung on the investment-grade ladder.
Global Infrastructure Partners invested $700 million in the
project and intends to have a 50% stake in the project upon
satisfaction of various closing conditions.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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