DBRS Finalizes Provisional Rating on Keyera Corp.’s Fixed-to-Floating Rate Subordinated Notes

DBRS Limited (DBRS) finalized its provisional rating of BB (high) with a Stable trend on Keyera Corp.’s (Keyera; rated BBB with a Stable trend by DBRS) $600 million 6.875% Fixed-to-Floating Rate Subordinated Notes Series 2019-A due June 13, 2079 (the Subordinated Notes).

The net proceeds of the Subordinated Notes will be used by Keyera to fund its capital projects, repay indebtedness under its revolving credit facility and for other general corporate purposes.

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

The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (November 2018) and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2018), which can be found on dbrs.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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

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