Kinder Morgan Partners (KMP) sold a $1.25B debt offering yesterday, following its $6.2B...

|About: Kinder Morgan Energy Partne... (KMP)|By:, SA News Editor

Kinder Morgan Partners (KMP) sold a $1.25B debt offering yesterday, following its $6.2B drop-down acquisition of Tennessee Gas Pipeline and half of El Paso Natural Gas from general partner Kinder Morgan (KMI). Janney says KMP is purchasing the assets at ~8x 2012 EBITDA, which will bump up leverage to 5.2x-5.6x debt to EBITDA, near the high end of KMP’s historical levels.