Rockies Express Pipeline Announces Completion of April 2015 Notes Repayment and Credit Rating Improvements
Rockies Express Pipeline LLC (“REX” or “the Company”) today announced completion of the repayment of the April 15, 2015 Senior Unsecured Notes in the amount of $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.
About Rockies Express Pipeline
Rockies Express Pipeline LLC is a Delaware limited liability company engaged in the ownership and operation of the Rockies Express Pipeline, an approximately 1,712-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. The system consists of 36-inch and 42-inch diameter pipe with a current long-haul design capacity of up to 1,800 million cubic feet of natural gas per day (MMcf/d), eight receipt-only points, six bi-directional points and 35 delivery interconnections that provide access to markets not directly served by the pipeline. The pipeline also has 14 mainline compressor stations and four booster stations with approximately 427,000 total horsepower. In addition, REX has 625 MMcf/day of capacity on the Overthrust Pipeline available to it pursuant to a long-term lease.
Rockies Express Pipeline LLC is a joint venture of: a subsidiary of Tallgrass Development, LP (50 percent share); Sempra U.S. Gas & Power, a subsidiary of Sempra Energy (25 percent share); and P66REX LLC, a subsidiary of Phillips 66 (25 percent 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 (TEP).