S&P said, "Although we note that the transaction may help alleviate some of the issuer's NGPL
PipeCo more immediate liquidity concerns, we are not yet certain of the long-term strategic importance of NGPL
to either of its sponsors, or whether the acquisition could result in operational or financial improvements that lead to a better standalone credit profile, and, consequently, rating.
We are pleased to move forward with this project as gas production increases in the Utica and Marcellus shale and markets continue to grow along the Gulf Coast," said NGPL
President David Devine.
production is reported by gas processing plants on Form EIA-816, "Monthly Natural Gas Liquids Report.
, which is currently run by KMI, is one of the country's largest interstate pipeline systems, with nearly 9,200 miles of pipeline, over 1 million horsepower of compressor facilities and 288 billion cubic feet of working gas storage.
project only requires a small, incremental commitment of 280 MDth/d to make this economic, and no new pipelines need to be built.
The Gulf Coast mainline, which extends to the Chicago area from south Texas, is one of the main arteries on the NGPL
system and allows access to many of the major natural gas production areas in North America.
The Company conducts no operations and has no material assets other than 100% of the equity interest in NGPL
and its other subsidiaries.
Greater Bali Hai, NGPL
Japan South Pacific Line and Tasman Orient Line are not included in this brand rationalisation due to separate shareholding structures, and will continue to trade under their current names.
NEW YORK -- Fitch Ratings has assigned a 'BB-' rating to NGPL
PipeCo LLC's (NGPL
) proposed $550 million senior secured notes due 2019 (the new notes).
HOUSTON, May 8, 2012 /PRNewswire/ -- NGPL
PipeCo LLC (the "Company") announced today the results of the early tender and related consents for the previously announced cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 6.
TEAK plans for this pipeline to initially connect with four major downstream interstate pipelines--Tennessee Gas Pipeline, Texas Eastern, Transco and NGPL
, and cross several other interstate and intrastate pipelines.
But the NGPL
project seems considerably different than the first three, not least because it is the first one to involve a natural gas pipeline.