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S&P gives B to Magnum Hunter term loan
Standard & Poor’s said it assigned its B issue-level rating and 2 recovery rating to Magnum Hunter Resources Corp.’s proposed new $340 million senior secured second-lien term loan. The 2 recovery rating indicates an expectation of substantial (70% to 90%) recovery in the event of a payment default.
S&P affirmed the B- corporate credit rating on the company and the CCC issue-level rating on its senior unsecured debt. The outlook is stable.
Magnum Hunter intends to use the proceeds of this issuance to repay the amount drawn on its revolving credit facility and fund future capital expenditures.
“The stable outlook reflects our expectation that Magnum Hunter will be able to execute further asset sales and expand production in 2015,” said S&P credit analyst Christine Besset in a news release. “However, we have revised our assessment of the company's liquidity to ‘less than adequate’ from ‘adequate.’”
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