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Moody's: Pioneer notes B3
Moody's Investors Service said it assigned a B3 rating to Pioneer Drilling Co.'s proposed $150 million of new notes.
The notes are rated one-notch below Pioneer's B2 corporate family rating, reflecting the substantial size of the priority claim first-lien secured revolving debt in the capital structure, Moody's said.
The company also has a probability of default rating of B2.
The outlook remains stable.
"This debt issue will provide additional liquidity to cover growth funding and essentially finance the two acquisitions that Pioneer is currently pursuing for a combined price of $155 million," Sajjad Alam, a Moody's analyst, said in a release.
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