S&P assigns EP Energy, loan BB-, notes BB-, B

Standard & Poor's said it assigned its BB- corporate credit rating to EP Energy LLC (formerly Everest Acquisition LLC).

The outlook is stable.

The agency said it also assigned a BB- issue rating to EP Energy's $750 million of senior secured notes due 2019 and its $750 million term loan maturing in 2018 with a 4 recovery rating.

S&P said it also assigned a B issue rating to EP Energy's $2 billion senior unsecured notes due 2020. The recovery rating on these notes is 6.

The company used proceeds from the debt offering to partially fund the $7.15 billion acquisition of El Paso Corp.'s (BB/stable) exploration and production subsidiary by Apollo Global Management LLC, Riverstone Holdings LLC, Access Industries Inc., Korea National Oil Corp. and other investors, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.