Moody's gives Clayton Williams notes B3

Moody's Investors Service said it assigned a B3 rating to Clayton Williams Inc.'s proposed $250 million senior unsecured notes due 2020.

Proceeds from the offering will be used to repay outstanding revolver borrowings.

The outlook is stable.

"This transaction will help reduce revolver borrowings and free up liquidity for Clayton Williams," Moody's vice president Michael Somogyi said in a news release. "This liquidity will help the company finance capital expenditures for the remainder of 2013 and 2014."

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