Rockies Express Pipeline: financial update

Rockies Express Pipeline LLC (REX) has announced completion of the repayment of the 15 April, 2015 Senior Unsecured Notes in the amount of US$450 million through member cash contributions.

REX also announced that it has recently received credit rating improvements from Standard & Poor’s (to BB+ with a stable outlook from BB with a stable outlook) and Moody’s (to Ba2 with a positive outlook from Ba2 with a stable outlook).

“Our team continues to execute on our financial and commercial strategies at REX and the credit rating improvements are further validation that our hard work is producing meaningful results,” said REX President Matt Sheehy.

Rockies Express Pipeline LLC is a Delaware limited liability company engaged in the ownership and operation of the Rockies Express Pipeline, an approximately 1712 mile natural gas transmission pipeline that extends from Opal, Wyoming and Meeker, Colorado to Clarington, Ohio, and is one of the largest natural gas pipelines ever constructed in North America.

Rockies Express Pipeline LLC is a joint venture of: a subsidiary of Tallgrass Development, LP (50% share); Sempra US Gas & Power, a subsidiary of Sempra Energy (25% share); and P66REX LLC, a subsidiary of Phillips 66 (25% share).

A wholly-owned subsidiary of Tallgrass Development, LP operates the pipeline.

Tallgrass Development, LP is a member of the Tallgrass Energy family of companies, which includes Tallgrass Energy Partners, LP.

Edited from source by Elizabeth Corner

Read the article online at: https://www.worldpipelines.com/business-news/16042015/rockies-express-pipeline-financial-update/