S&P assigns Helmerich notes BBB+

S&P said it assigned its BBB+ issue-level rating to Helmerich & Payne Inc.'s upcoming $500 million senior unsecured debt offering.

“Our BBB+ long-term issuer credit rating and stable outlook on Helmerich & Payne remain unchanged,” S&P said in a press release.

The proceeds are expected to be used to redeem the company’s senior unsecured notes due 2025 and pay associated transaction costs.

“Given Helmerich & Payne's existing debt structure and our belief that the likelihood of any lender being significantly disadvantaged relative to its peers is low, we rated the senior unsecured notes in line with our issuer credit rating,” S&P said.

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