Fitch lifts Talos

Fitch Ratings said it upgraded Talos Energy Inc.'s and Talos Production Inc.'s long-term issuer default ratings to B from B-. Additionally, the agency raised Talos' first-lien revolver and senior second-lien notes to BB/RR1 and B+/RR3 from BB-/RR1 and B/RR3 respectively.

“The upgrades follow Talos' completion of the EnVen Energy Corp. (EnVen) acquisition on Monday Feb. 13, 2023, and assumption of EnVen's senior unsecured notes by Talos, which rank pari passu with the existing Talos notes,” the agency said in a press release.

Concurrently, Fitch removed EnVen from positive watch and raised its long-term IDR to B from B-. The agency upgraded the rating on Energy Ventures Gom LLC's first-lien reserve-based lending credit facility to BB/RR1 from BB-/RR1 and lifted the senior unsecured notes to B+/RRR3 from B-/RR4. Fitch subsequently withdrew the EnVen RBL rating because the facility was canceled as part of the deal.

The outlook is stable.

© 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.