Ashmore Energy International (AEI) Rated 'B+' by Standard & Poor's.AEI's proposed US$1.0 billion senior term loan and US$500 million senior revolver credit facility also rated 'B+' by Standard & Poor's NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute announced today that Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. ("S&P") has assigned a 'B+' corporate credit rating to the company and a 'B+' secured debt rating for AEI's proposed US$1.0 billion senior term loan and US$500 million senior revolver credit facility. The outlook is stable. In accordance with the analysis performed by S&P, AEI's revenues largely from regulated markets A regulated market is the provision of goods or services that is regulated by a government appointed body. The regulation may cover the terms and conditions of supplying the goods and services and in particular the price allowed to be charged. and contracts as well as the liquidity due to the establishment of the US$500 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility were important factors for the rating. The US$1.0 billion seven-year term loan will be used to refinance AEI's existing senior and bridge loan facilities associated with the acquisition of Prisma Energy International Prisma Energy International Inc., was a former subsidiary of Enron Corporation, formed in 2003 to own and manage the majority of Enron's overseas assets, formerly known as "Enron International". (Prisma Energy) in a two stage transaction that was completed in September 2006. The five-year revolver of US$500 million will fund working capital for potential growth projects, acquisitions and general corporate needs. AEI owns and operates essential energy infrastructure in emerging markets. AEI manages interests in a group of 19 energy assets (27 assets including Promigas' subsidiaries) with operations in 14 countries and more than US$2 billion in revenues and 9,800 employees. The company serves approximately 8 million customers worldwide by operating through three business segments: Natural Gas Distribution, Transportation and Services; Power Distribution; and Power Generation with approximately 37,000 km of gas and liquids pipelines, 120,000 km of power transmission and distribution lines, and a gross installed capacity of 1,675 MW. You can visit the AEI website at www.ashmoreenergy.com. |
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