El Paso Pipeline to repay some bank debt with senior notes proceeds

By Sara Rosenberg

New York, Nov. 16 - El Paso Pipeline Partners Operating LLC plans on repaying the El Paso Elba Express Co. LLC project financing term loan and a portion of the borrowings under its revolving credit facility using proceeds from a $750 million senior notes offering, according to a news release.

Remaining proceeds will be used to help fund the acquisition of the remaining 49% member interests in both Southern LNG Co. LLC and El Paso Elba Express and an additional 15% interest in Southern Natural Gas Co. from El Paso Corp.

El Paso Pipeline is a Houston-based limited partnership formed by El Paso Corp. to own and operate natural gas transportation pipelines and storage assets.

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