S&P: Regency Gas unaffected

Standard & Poor's said that its ratings and outlook on Regency Gas Services LLC (B+/stable/--) would not be affected by the company's form S-1 filing and announcement of its planned IPO, as nearly all net proceeds of the $290 million offering will go to private equity firm Hicks, Muse, Tate & Furst, and not toward debt reduction.

In connection with the offering, Regency will be converted to a limited partnership, which will be wholly owned by newly formed Regency Energy Partners LP.

Regency had about $259 million of long-term debt as of June 30.

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