Fitch to rate Hess Midstream notes BB+

Fitch Ratings said it expects to rate Hess Midstream Partners LP’s proposed senior unsecured notes due 2028 BB+/RR4. Proceeds will be used to repay borrowings on the Hess Infrastructure Partners LP credit facility, pay distributions to its sponsors and related expenses.

Hess Midstream and Hess Infrastructure plan to reorganize with Hess Midstream changing its name to Hess Midstream Operations LP and it will be responsible for the notes. The company sees the reorganization taking place around Dec. 16.

Hess Midstream will exchange $800 million of Hess Infrastructure notes for new Hess Midstream Operations notes and make a $549 million distribution to Hess Infrastructure’s sponsors.

The company plans to obtain a $1 billion secured term revolver and a $400 million term loan.

© 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.