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S&P rates Endeavour notes CCC
Standard & Poor's said it assigned its preliminary CCC rating to Endeavour International Corp.'s planned $350 million first-priority notes due 2018 and $150 million second-priority notes due 2018.
The recovery rating on both debt issues is 6, indicating an expectation of negligible recovery in the event of a payment default.
The preliminary B- corporate credit rating on Endeavour International is unaffected at this time by the announced changes to the company's capital structure and related financing for the company's planned acquisition of the North Sea assets from ConocoPhillips, the agency said.
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