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S&P cuts Alta Mesa, notes to CC
Standard & Poor's said it lowered its corporate credit rating on Alta Mesa Holdings LP to CC from CCC+.
The outlook is negative.
The agency also lowered the issue-level rating on the company's $450 million senior unsecured notes due October 2018 to CC from CCC+. The recovery rating on this debt remains 3, indicating an expectation of meaningful (lower end of the 50%-70% range) recovery in the event of a default.
"The downgrade follows Alta Mesa's announcement that it has launched an exchange offer to existing holders of its $450 million senior unsecured notes for a new issue of third-lien term loans due 2021," S&P credit analyst Daniel Krauss said in a news release.
The company is offering to exchange new third-lien term loans for any and all of its outstanding unsecured notes at 60% of par (assuming early participation premium). Closing is expected to occur by mid-March.
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