The company reported that it had $25.3 billion debt as of March 31
The debt deal may still be months away from coming to the market, with size and structure yet to be set, said the people, who asked not to be identified discussing a private matter. The company hasn’t issued debt previously and does not currently have a credit rating.
The company reported that it had $25.3 billion debt as of March 31. It has credit agreements with a syndicate of lenders containing two facilities totaling $19 billion, according to the report. The facilities mature in 2026 and include a guarantee from the government of Canada.
A spokesperson for Trans Mountain’s parent, Canada Development Investment Corp., declined to comment.
Trans Mountain’s expanded pipeline — which runs from Alberta to coastal water in British Columbia — began commercial operations in May after years of delays and cost overruns stemming from construction mishaps, legal battles and environmental opposition.
With assistance from Robert Tuttle