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Kinder Morgan to repay term loan via new note offering
By Sarah Lizee
Olympia, Wash., Aug. 3 – Kinder Morgan, Inc. announced that it plans to use the proceeds of an offering of senior notes due 2023 to repay amounts outstanding under its term loan facility, according to a 424B5 filing with the Securities and Exchange Commission.
As of Aug. 2, the weighted average interest rate on the term loan facility borrowings was approximately 2.7% and the outstanding borrowings were approximately $1 billion.
The company also plans to use the proceeds to redeem the 5.5% senior notes due 2022 issued by subsidiary Hiland Partners Holdings LLC and for general corporate purposes.
Kinder Morgan is a Houston-based pipeline transportation and energy storage company.
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