NEW YORK ( TheStreet) -- El Paso Pipeline Partners ( EPB) is planning to sell $500 million in bonds to pay down some existing debt.
Proceeds from the sale of the senior notes, due in 2021, will go towards reducing the natural gas transportation pipeline operator's outstanding balance under its revolving credit facility and for generate corporate purposes. Moody's Investors Service and Standard & Poor's have assigned the transaction speculative-grade ratings of Ba1 and BB. J.P. Morgan, Deutsche Bank, BNP Paribas and Scotia Capital are acting as joint book-running managers for the offering. El Paso shares were rising 0.6% to $36.65. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.