Fitch rates Extraction Oil notes BB/RR2

Fitch Ratings said it assigned a BB/RR2 rating to Extraction Oil & Gas, Inc.'s issuance of senior unsecured notes due 2026.

Proceeds, along with cash on hand, if necessary, will be used to fund the tender offer to purchase any and all of the $550 million of outstanding 2021 notes and redeem any 2021 notes that remain outstanding after consummation of the tender offer.

The notes are expected to rank pari passu with Extraction's existing unsecured debt.

Fitch said it believes the note offering is neutral to the rating but will provide interest cost savings and extend the company's maturity profile.

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