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Moody's assigns B3 to Earthstone notes
Moody's Investors Service said it assigned a B3 rating to Earthstone Energy Holdings, LLC's planned $500 million of senior unsecured notes due 2031.
Earthstone’s other ratings are unchanged, including the B1 corporate family rating, B1-PD probability of default rating and the B3 ratings on the senior unsecured notes. The speculative grade liquidity rating is unchanged at SGL-2, the agency said.
Earthstone will use the proceeds to partially fund the $1 billion share of the purchase of Novo Oil & Gas Holdings, LLC, which is expected to close in the third quarter of 2023. The company will use its revolving credit facility to fund the remainder of the purchase.
The outlook is stable.
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