Moody's rates Endeavor Energy notes B3

Moody's Investors Service said it assigned a B3 rating to Endeavor Energy Resources, LP's proposed $300 million senior unsecured notes due 2021. The notes are being co-issued by EER Finance, Inc.

Moody's also assigned a B1 corporate family rating and a B1-PD probability of default rating to Endeavor.

The outlook is stable.

The proceeds of the offering will be used to repay drawings under the company's revolving credit facility and for general corporate purposes.

Moody's said the B3 rating on the proposed notes reflects both the overall probability of default of Endeavor and a loss given default of LGD6-91%.

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