NORTH AMERICA

摘要

Barclays is providing committed financing to cover the US$4bn cash portion of US pipeline company kinder morcan inc's(KMI) US$70bn deal that will put all its publicly traded units under one roof. The units being combined include Kinder Morgan Energy Partners LP (KMP), Kinder Morgan Management, and El Paso Pipeline Partners (EPB) to create a combined company with a market capitalisation of US$92bn that will be organised as a C-corporation. The deal comprises US$40bn in Kinder Morgan Inc equity, US$4bn in cash and US$27bn in assumed debt. Cross-guarantees are being used to create a single creditor class and eliminate the structural subordination, instead of moving or refinancing existing KMP and EPB debt. KMI expects the combined entity to be investment-grade.