Fitch assigns BB- to Harvest notes

Fitch Ratings said it assigned a BB-/RR4 rating to Harvest Midstream I, LP proposed offering of senior unsecured notes due in 2032.

The company will use the net proceeds from the proposed notes to repay a portion of the existing term loan A due 2026 and a portion of its revolving credit facility outstanding and for general corporate purpose.

Total debt balance and EBITDA leverage are not affected by this refinancing transaction, Fitch said.

Concurrently with this offering, the company’s revolving credit facility will be upsized to $850 million from $700 million.

Fitch said it believes that the proposed notes issuance will de-risk the upcoming maturity and improve Harvest's financial flexibility.

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