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S&P rates Fieldwood loans BB-, B-
Standard & Poor's said it assigned its B corporate credit rating to Fieldwood Energy LLC.
The outlook is stable.
At the same time, the agency assigned its BB- issue-level rating to Fieldwood's proposed $900 million first-lien term loan and $1 billion RBL credit facility with a recovery rating of 1, indicating an expectation of very high (90% to 100%) recovery in the event of a payment default.
S&P also assigned its B- issue-level rating to Fieldwood's proposed $1,725,000,000 second-lien term loan with a recovery rating of 5, indicating an expectation of modest (10% to 30%) recovery in the event of a payment default.
The agency said it expects Fieldwood to use proceeds from the offerings and $100 million drawn on the credit facility to partially fund its $3.75 billion acquisition of shallow-water Gulf of Mexico properties from Apache Corp.
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