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Fitch applies BB- to Columbia Pipeline debt
Fitch Ratings said it assigned a BBB- rating to Columbia Pipeline Group, Inc.'s $2.75 billion senior unsecured debt offering.
The issuer default rating is BBB-.
The outlook is stable.
Proceeds from the debt offering are to be used to pay off roughly $1 billion of intercompany debt between Columbia Pipeline and NiSource Inc. (BBB-, stable), to fund a special $1.45 billion dividend to NiSource and for general corporate purposes including the funding of capex.
The new notes will rank pari passu with existing and future unsecured debt. If NiSource is not able to successfully spin off Columbia Pipeline on or prior to Oct. 2, 2015, it is required to redeem the new notes.
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