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S&P rates EP Energy notes B
Standard & Poor's said it assigned B issue-level and 6 recovery ratings to EP Energy LLC's proposed $350 million pay-in-kind notes due 2017.
The notes are to be issued by EP Energy's parent company, EPE Holdings LLC, and co-issuer EP Energy BondCo Inc.
The recovery rating indicates an expectation of negligible recovery in the event of default.
The agency said the PIK debt is structurally subordinated to the existing secured and unsecured debt at EP Energy LLC.
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