Kinder Morgan to pay down debt with Pembina stock sale proceeds

By Marisa Wong

Los Angeles, Jan. 9 – Kinder Morgan said it intends to pay down debt using proceeds from the sale of shares of Pembina Pipeline Corp.

The company announced on Thursday that it has sold all of the 25 million shares of Pembina for after-tax proceeds of $764 million.

The paydown will create balance sheet flexibility in 2020, relative to the company’s long-term leverage target of 4.5 times net debt-to-adjusted EBITDA, according to a press release.

Kinder Morgan is a Houston-based pipeline transportation and energy storage company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.