DBRS Rates Veresen’s CAD 200 Million Preferred Share Issue at Pfd-3, Stable Trend

DBRS Limited (DBRS) has today assigned a rating of Pfd-3 with a Stable trend to the CAD 200 million Cumulative Redeemable Preferred Shares, Series E issued by Veresen Inc. (Veresen). The settlement date for the issue is April 1, 2015.

DBRS understands that the net proceeds of the offering are expected to be used by the Company to repay amounts outstanding under Veresen’s Acquisition Credit Facility entered into for the purposes of financing its acquisition of a 50% convertible preferred interest in Ruby Pipeline Holding Company, L.L.C., the entity that indirectly owns the Ruby pipeline system.

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

The applicable methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (January 2015) and Preferred Share and Hybrid Criteria for Corporate Issuers (January 2015), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.