Moody's rates GulfMark notes B1

Moody's Investors Service said it assigned a B1 rating to GulfMark Offshore, Inc.'s proposed add-on offering of $150 million of senior notes due 2022.

The Ba3 corporate family rating is unchanged and the outlook is stable.

Net proceeds are expected to be used to repay a portion of the outstanding borrowings under its credit facilities and for general corporate purposes, including vessel construction costs and vessel purchases.

Moody's said the B1 senior unsecured note rating reflects GulfMark's overall probability of default, to which the agency assigns a Ba3 and a loss given default of LGD4-65%.

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