Moody’s assigns Endeavor Energy notes B1

Moody’s Investors Service said it assigned a B1 rating to Endeavor Energy Resources, LP’s proposed $500 million of senior unsecured notes issue due 2025.

Proceeds will be used to repay borrowings under the company’s revolving credit facility and for general corporate purposes.

Endeavor’s senior unsecured notes, including the proposed issue, are rated B1, one notch below the company’s rating. “The rating on the notes reflects their subordinated position to Endeavor’s $1.5 billion elected committed senior secured revolving credit facility,” the agency said in a press release.

Endeavor’s other ratings are unaffected by the proposed notes, Moody’s said.

The outlook is stable.

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