...June 29, 2023 NEW YORK (S&P Global Ratings) June 29, 2023--S&P Global Ratings today said it assigned its 'B+' issue-level rating to Howard Midstream Energy Partners LLC's (HEP) proposed senior unsecured notes. The recovery rating on the notes is '5' (rounded recovery estimate: 20%). The company intends to use the proceeds to repay the outstanding borrowings on its revolving credit facility (RCF). At the same time, the company intends to amend its RCF (unrated) and extend the maturity to December 2026. HEP is a midstream energy company that owns and operates natural gas and gathering and transportation pipelines, natural gas processing plants, liquid storage terminals, and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico. HEP is owned and operated by affiliates of AIMCo (93%) and management and private investors (7%). For the complete issuer credit rating rationale, see our most recent research update on HEP, published January 17, 2023, on RatingsDirect....
