S&P assigns B to Epic Crude loans

S&P said it assigned a B rating to Epic Crude Services LP’s $100 million add-on to its $1 billion senior secured first-lien term loan B facility. Proceeds will fund a portion of the remaining project costs, and pay related fees and expenses associated with the issuance.

S&P cut the rating on the partnership and its issue-level rating to B from B+. The recovery rating is 3 indicating an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.

Epic is also issuing a $75 million senior secured first-lien term loan C facility. S&P assigned an issue-level rating of B. Proceeds will fund a portion of the remaining project costs, and pay related fees and expenses associated with the issuance. The recovery is 3 indicating an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.

The downgrade is driven by increased leverage metrics in comparison to the agency’s previous forecasts.

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