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Fitch: Regency Energy notes BB
Fitch Ratings said it assigned a BB rating to Regency Energy Partners LP's proposed $600 million senior notes offering due 2023.
The proceeds will be used to help fund the company's acquisition of Southern Union Gathering Co., LLC from Southern Union Co., a jointly owned affiliate of Energy Transfer Equity, LP and Energy Transfer Partners, LP.
The acquisition of assets will increase the size and scale of the company's gathering and processing operations with a beneficial focus on the Permian basin, Fitch said.
The new assets increase Regency's presence in the Permian basin, where production and the need for gathering and processing services is expected to grow, the agency said.
The ratings consider that the company will be increasing its commodity-price exposure as a result of the transaction, Fitch said.
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