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Moody’s assigns Ultra Resources DIP facility Baa1
Moody’s Investors Service said it assigned a Baa1 rating to Ultra Resources, Inc.’s $25 million senior secured super priority debtor-in-possession delayed draw term loan.
On May 19, the U.S. Bankruptcy Court for the Southern District of Texas approved up to $25 million of aggregate DIP loans.
“The Baa1 rating primarily reflects the collateral package and very high collateral coverage available to the rated DIP facility, the modest amount of DIP financing ($25 million) relative to the pre-petition debt ($1.97 billion of third party balance sheet debt) and structural features of the DIP facility,” Moody’s said in a press release.
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