KKR-Backed Pipeline Weighs Potential $2.9 Billion Bond Sale
(Bloomberg) -- Coastal GasLink LP, a pipeline project in Western Canada, is talking to investors about a possible jumbo high-grade bond sale, according to people familiar with the matter.
The transaction for the Calgary-based company, which is operated by TC Energy Corp., may be as large as C$4 billion ($2.9 billion), said the people, speaking on condition they not be identified because the matter is still private. The lower end of the range being discussed is C$3 billion, they said.
The deal may take place in early June and will be part of the Canadian pipeline company’s C$9 billion fixed-income financing plan, the people said. The offering will likely include multiple tranches, including an amortizing bond, they added.
TC Energy did not comment.
KKR & Co. and Alberta Investment Management Corp. own a 65% stake in Coastal GasLink. TC Energy owns the other 35%. The natural gas pipeline supplies the Shell-led LNG Canada export terminal in British Columbia.
The pipeline will bring natural gas across the Canadian Rockies to a facility in Kitimat, British Columbia, where it will be turned into liquefied natural gas and shipped mostly to Asia once the terminal is operational.
(Updates with deal details in the third paragraph)
©2024 Bloomberg L.P.
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