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Moody's gives Athlon notes B3
Moody's Investors Service said it assigned a B3 rating to Athlon Holdings LP's proposed $500 million senior unsecured notes due 2022.
Athlon's other ratings and stable outlook were unchanged.
Net proceeds will be used to fund a portion of the $873 million payment involving certain Permian Basin property acquisitions that were announced on April 8.
The new notes will rank equally in right of payment with Athlon's existing 2021 notes and will have the same subsidiary guarantee arrangement.
The senior unsecured notes are rated B3 reflecting the sizeable secured borrowing base revolving credit facility in Athlon's capital structure, which has a first-lien claim to substantially all of Athlon's assets, including at least 80% of Athlon's PV-10 value for proved reserves.
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