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Moody’s rates Ithaca Energy notes Caa1
Moody's Investors Service said it assigned Caa1 rating to the proposed $350 million senior unsecured notes to be issued by Ithaca Energy (North Sea) plc.
The notes are guaranteed by Ithaca Energy Inc. (Ithaca) and certain of its subsidiaries.
Ithaca's corporate family rating is B3 and probability of default rating is B3-PD. The outlook on all ratings is negative.
A stabilization of the outlook could be considered upon successful completion of the planned refinancing.
On May 8, Ithaca announced the launch of $350 million notes due 2023 to refinance existing notes. This is part of a refinancing package that includes the refinancing of its existing reserve-based lending (RBL) facility and retirement of the existing term loan.
Moody’s said the successful completion of the refinancing of the different instruments would be credit positive for the company as this would improve liquidity and extend maturities to December 2022 and beyond from 2019 and could lead to a stabilization of the outlook.
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