REX completes notes repayment, receives credit rating improvements

Rockies Express Pipeline LLC (REX) has completed the repayment of the April 15 senior unsecured notes in the amount of $450 million through member cash contributions. REX has also received credit rating improvements from Standard & Poor’s (to BB+ with a stable outlook from BB with a stable outlook) and Moody’s (to Ba2 with a positive outlook from Ba2 with a stable outlook).

Rockies Express Pipeline LLC is a Delaware limited liability company engaged in the ownership and operation of the Rockies Express Pipeline, a 1,712-mile natural gas transmission pipeline that extends from Opal, Wyoming, and Meeker, Colorado, to Clarington, Ohio, and is one of the largest natural gas pipelines ever constructed in North America.

Rockies Express Pipeline LLC is a joint venture of a subsidiary of Tallgrass Development LP (50% share); Sempra US Gas & Power, a subsidiary of Sempra Energy (25% share); and P66REX LLC, a subsidiary of Phillips 66 (25% share). A wholly owned subsidiary of Tallgrass Development LP operates the pipeline. Tallgrass Development LP is a member of the Tallgrass Energy family of companies, which includes Tallgrass Energy Partners LP (NYSE: TEP).

 

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