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Columbia Pipeline to price $2.75 billion of senior notes in multiple tranches
By Aleesia Forni
Virginia Beach, May 19 – Columbia Pipeline Group Inc. plans to price $2.75 billion of senior notes, according to a company press release.
The notes will be offered in multiple tranches subject to market conditions via Rule 144A and Regulation S.
Proceeds will be used to pay off $1,025,200,000 of intercompany debt between Columbia Pipeline and its wholly owned subsidiary, NiSource Inc., and to fund a $1.45 billion special dividend to NiSource in connection with its separation from the company. Any remaining proceeds will be used for general corporate purposes.
The notes will be guaranteed by the company’s subsidiaries.
The Houston-based company owns and operates natural gas pipelines.
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