Moody's rates Atlas Pipeline notes B2

Moody's Investors Service said it assigned a B2 rating to Atlas Pipeline Partners, LP's proposed $450 million senior unsecured notes due 2023.

Atlas' other ratings and stable outlook were unchanged.

Net proceeds from this offering will be used to redeem Atlas' 8æ% 2018 senior unsecured notes through a tender offer process and to repay a portion of the borrowings under its revolving credit facility.

"This essentially debt-for-debt transaction will have minimal impact on Atlas' leverage," Moody's analyst Sajjad Alam said in a news release. "However, overall borrowing costs will decrease and liquidity will improve from increased revolver availability and an extended debt maturity profile."

© 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.