S&P affirms Alta Mesa

S&P Global Ratings said it affirmed its B- issue-level rating on Alta Mesa Holdings LP's senior unsecured notes and revised its recovery rating on the debt to 4 from 3 following the company's announcement that it is upsizing its new senior unsecured notes due 2024 by $50 million to $500 million.

The 4 recovery rating indicates an expectation that lenders would receive average recovery (30%-50%; upper half of the range) of their principal in the event of a payment default.

The company plans to use the proceeds from the add-on to pay down its revolving credit facility.

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