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S&P gives Penn Virginia notes B
S&P said it gave Penn Virginia Corp.’s planned unsecured notes B issue and 2 recovery ratings. The 2 recovery rating indicates an expectation of substantial (70% to 90%: rounded estimate: 85% cap) recovery in default. The notes will be sold through subsidiary Penn Virginia Holdings LLC.
The company will use proceeds to repay its second-lien term loan, reduce borrowings on its credit facility and for general corporate purposes.
Concurrently, the agency affirmed Penn Virginia’s B- issuer rating.
The outlook is stable.
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