Moody’s rates Veresen Midstream loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to Veresen Midstream LP’s proposed additional $300 million term loan B tranche and C$250 million increase to its expansion facility.

The proposed upsized debt facilities will rank equally with the company's existing secured senior debt and most of the net proceeds from the increased facilities will be used to finance the Saturn Phase 2 plant and additional liquids handling facilities.

Veresen’s Ba3 corporate family rating, B1-PD probability of default rating, SGL-2 speculative-grade liquidity rating and the Ba3 ratings on its $575 million senior secured term loan, C$1.3 billion senior secured bank loan expansion facility and C$75 million senior secured revolving credit facility are unchanged.

The outlook remains stable.

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