Ruby Western Pipeline to launch $500 million term loan on Friday

By Sara Rosenberg

New York, March 6 - Ruby Western Pipeline Holdings is scheduled to hold a bank meeting at 10 a.m. ET on Friday to launch a $500 million senior secured seven-year term loan, according to a market source.

Barclays and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Security is equity of the borrowers.

Proceeds will be used to fund a distribution to the sponsors and a six-month debt service reserve.

Leverage is 5.5 times net cash flow available for debt service, the source added.

Ruby Western Pipeline is a holding company with a 50% ownership of the Western US FERC-regulated Ruby Pipeline from Wyoming to Oregon that is a joint venture with Kinder Morgan.

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