I know it's in line with the new market for debt. I say 'ouch' because it's 3-4% higher than what debt used to cost.
Pipelines carry lots of debt. If they have to refi that debt at 3-4% higher than now [or perhaps even more after the Fed has to raise rates in a few years], then their profits go down. $3 billion at 4% higher is $120M right off the bottom line.