S&P rates Pearl Petroleum notes B-

S&P said it assigned a preliminary B- rating to Pearl Petroleum Co. Ltd. and the company’s planned bond of $350 million.

“The assignment of the preliminary rating follows Pearl’s announcement that it plans to issue a $350 million senior secured bond due in 2024, ranking pari passu with the company’s existing $150 million bank loan facility amortizing from the fourth quarter of 2020 to 2023. The issuance of the notes, along with the $150 million term loan, will be used primarily for the expansion of the company’s gas-production facilities,” said S&P in a press release.

The outlook is stable.

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