Canadian pipeline operator Wolf Midstream plans $600 million debut bond sale

Calgary-based private company backed by Canada Pension Plan Investment Board

Canadian pipeline operator Wolf Midstream Canada LP is preparing a $600 million bond sale this week and plans to set up a revolving credit facility.

The debt will mature in five years, with options for Wolf to buy it back after two, according to documents seen by Bloomberg. The proposed offering received a provisional BB rating from DBRS Morningstar on Monday, as the ratings company cited price and volume risks in the company’s natural gas liquids segment.

Marketing will take place through July 9, and the transaction is expected to be sold this week. The firm will also establish a $650 million revolving credit facility due July 2028 to partially fund the next leg of its growth, according to the documents.

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