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S&P rates Reliance notes BBB-
S&P said it assigned its BBB- rating to Reliance LP’s proposed C$430 million of senior secured notes due 2027.
“We believe the company will use the net proceeds primarily to refinance its 3.813% C$300 million secured notes due September 2020, the balance portion (US$95 million) of Reliance Intermediate Holdings LP’s (RIHLP) April 2023 notes and for general corporate purposes,” S&P said in a press release.
The notes will rank equally with Reliance LP’s other senior secured notes and the transaction is expected to close on or about Aug. 20, S&P said.
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