S&P rates Gulfport Energy notes B

Standard & Poor's said it assigned its B issue-level rating (the same as the corporate credit rating) and 4 recovery rating to Gulfport Energy Corp.'s proposed $300 million senior unsecured notes due 2023.

The 4 recovery rating indicates an expectation of average (30% to 50%) recovery in the event of default. The agency’s recovery expectations are in the lower half of the 30% to 50% range.

Gulfport plans to use the proceeds from the proposed notes along with a $350 million concurrent equity offering to fund the acquisition of Paloma Partners III LLC, repay borrowings under its credit facility and for general corporate purposes.

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