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S&P gives BB to Energy Transfer loan
S&P said it assigned its BB issue-level rating to Energy Transfer Equity LP's $2.2 billion senior secured term loan due 2024 and placed the rating on CreditWatch with negative implications. The 4 recovery rating reflects an expectation of average (30%-50%; higher end of range) recovery in the event of default.
The partnership intends to use loan proceeds to refinance its existing term loan facilities due 2019 and for working capital and other corporate purposes, including the payment of transaction fees and expenses.
The BB corporate credit rating is also on CreditWatch with negative implications, S&P said in a news release.
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