Moody's rates Basic Energy loan Ba1

Moody's Investors Service said it assigned a Ba1 and LGD 2 (the point estimate is changing from 19% to 23%) rating to Basic Energy Services, Inc.'s tranche B of the company's amended secured revolving credit facility, while affirming the Ba1 rating of the facility's tranche A.

Moody's said it also affirmed Basic's Ba3 corporate family rating and the Ba3 probability of default rating and the B1, LGD five rating on the senior unsecured notes (though the point estimate is changing from 74% to 77%).

The outlook has changed to negative from stable.

According to the agency, the $225 million first-lien revolving credit facility is being separated into two tranches. Since part of the facility, tranche B (between $135 million and $157 million), will be pari passu with tranche A but extended to 2012, the agency said it is assigning a Ba1 rating to it.

Moody's said it also affirmed the Ba1 rating on the remaining part, tranche A ($68 million and $90 million) that will keep its December 2010 maturity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.