Overview Key strengths Key risks Receives about 32% of Rover Pipeline LLC?s (Rover) very stable distributed cash Relies on subordinated cash flows from Rover to service financial obligations Term loan is subject to a 50%-75% mandatory excess cash flow (ECF) sweep that supports gradual deleveraging Highly leveraged credit metrics over our forecast period BCP owns an approximately 32% interest in Rover, which is the only substantive asset it has to service its $1.1 billion term loan B (TLB) due in 2028. Our assessment of the company's credit profile incorporates its financial ratios, Rover's cash flow stability, and BCP's ability to influence Rover's financial policy and liquidate its investments in Rover to repay the term loan. Rover is a 719-mile Federal
