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Moody’s rates Covey Park notes B3
Moody's Investors Service said it assigned Covey Park Energy, LLC a B2 corporate family rating, a B2-PD probability of default rating and a B3 rating to its proposed $450 million senior unsecured notes due 2025.
The outlook is stable.
Note proceeds will be used to fully repay the company's $150 million bridge loan that was issued to fund an acquisition in February 2017, repay $292 million of borrowings outstanding under the borrowing base revolving credit facility and to fund $8 million of transaction fees.
"Covey Park has accumulated acreage and grown its scale through six acquisitions mostly in the Haynesville and Bossier Shale plays. Their competitive cost structure and focus on full cycle economics for organic production growth will contribute to credit metrics that position the company very well within the B2 rating category," Moody's lead analyst Prateek Reddy said in a news release.
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