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S&P gives APT Pipelines debt BBB
Standard & Poor's said it assigned its BBB long-term issue ratings to APT Pipelines Ltd.'s total debt issuance of about $3.7 billion.
The Rule 144A issuances, out of the company's euro medium-term note program, are denominated in multiple currencies and split over maturities ranging from seven to 20 years.
Proceeds, together with the equity proceeds from the company's accelerated rights entitlement offer, will be used to fund the acquisition of the Qclng Pipeline.
Consequently, S&P expects that APT Pipelines will cancel its $4.1 billion bridge facility established to finance the acquisition.
The refinancing is consistent with the agency’s expectations that APT Pipelines will continue to proactively manage its debt-maturity profile.
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