S&P gives Florida Gas notes BBB+

S&P said it assigned a BBB+ issue-level rating to Florida Gas Transmission Co. LLC's planned $600 million of senior unsecured notes due 2031.

“The proposed transaction does not affect our view of the company's credit profile, because we have factored it into our base-case forecast. Therefore, the BBB+ issuer credit rating and stable outlook on FGT, and our forecast for consolidated adjusted debt to EBITDA in the 3.5x area in 2021, are unchanged,” S&P said in a press release.

The company intends to use the proceeds to repay in full Citrus' $400 million term loan facility, which matures in December. The remainder will be used to make a distribution to the sponsors and for general corporate purposes.

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