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Moody's gives Earthstone B1, notes B3
Moody's Investors Service said it gave first-time ratings to Earthstone Energy Holdings, LLC, including a B1 corporate family rating, B1-PD probability of default rating and a B3 rating to the company's planned $550 million of senior unsecured notes due 2027.
"Earthstone ratings reflect its moderate financial leverage and growing scale in the Permian basin, which it has largely accumulated through a series of acquisitions over the past eighteen months," noted John Thieroff, a Moody's senior credit officer, in a press release. "We expect the company to remain acquisitive with an eye toward consolidating acreage and production proximate to its operations while continuing to fund purchases with a substantial equity component."
Earthstone will use the proceeds to fund a portion of its acquisition of assets from Bighorn Permian Resources, LLC for $860 million.
The outlook is stable.
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