Moody’s gives B3 to Endeavor notes

Moody's Investors Service said it assigned a B3 rating to Endeavor Energy Resources, LP's proposed $500 million of senior unsecured notes due 2026 and $300 million of senior unsecured notes due 2028.

Net proceeds, together with cash on hand, will be used to fund a tender offer for any and all outstanding senior notes due 2021 and 2023.

Endeavor's offering of new notes will not affect the company's corporate family rating, probability of default rating or the stable outlook.

The B3 rating on the existing senior unsecured notes will be withdrawn after they are repaid following the close of the new issuance transaction and redemption of the existing notes.

Moody’s said the new senior unsecured notes will effectively replace the outstanding senior unsecured notes leaving the company's debt at the same level, while lowering the cash interest costs and extending the maturity profile of the unsecured notes.

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