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Moody's lifts Regency Gas view to stable
Moody's Investors Service said it affirmed Regency Gas Services LP's ratings, including the B1 corporate family rating and the B1 senior secured bank loan ratings.
The company's outlook is changed to stable from negative, contingent upon it financing about half of the purchase price with equity by end of the third quarter of 2006.
These rating actions follow the announcement that Regency Energy Partners LP has agreed to acquire TexStar Field Services, LP for $350 million in cash from another affiliate of its GP sponsor HM Capital (a private equity affiliate of Hicks Muse, Tate and Furst Inc.) and that it will implement a new larger facility to fund a portion of the acquisition and to repay its existing bank loans.
The stable outlook also acknowledges that the pipeline construction project, which originally caused Moody's to take the negative outlook, is now complete with additional firm contracts to support it.
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