DBRS Rates Veresen Inc. New Issues at BBB (high), Stable Trend

DBRS has today assigned a rating of BBB (high) with a Stable trend to the following Veresen Inc. (Veresen) new debt issuance:

-- $300 million 3.95% unsecured medium-term notes (MTNs) maturing on March 14, 2017.
-- $50 million 5.05% unsecured MTNs maturing on March 14, 2022.

The issues are expected to settle on or about March 14, 2012.

The new debt will rank equally with all of Veresen’s existing and future senior unsecured indebtedness. Net proceeds from the offering will be largely used to repay the Company’s short-term indebtedness.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating North American Pipeline and Diversified Energy Companies, which can be found on the DBRS website under Methodologies.