Moody's: Eagle Rock notes B3

Moody's Investors Service said it assigned a B3 rating to Eagle Rock Energy Partners, LP's proposed offering of $250 million senior notes due 2020.

The proceeds from the notes offering will be used to repay borrowings on Eagle Rock's senior secured revolving credit facility.

"This senior notes offering will enhance Eagle Rock's liquidity by refinancing some of its outstanding revolver borrowings on a long-term basis," Moody's vice president and senior analyst Michael Somogyi said in a news release. "This will boost the available borrowing capacity on its bank credit facility, giving Eagle Rock more financial flexibility to fund its planned growth capital expenditures."

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