Moody’s assigns B3 to MEG notes

Moody’s Investors Service said it assigned a B3 rating to MEG Energy Corp.’s proposed $800 million senior unsecured notes offering due 2027.

The proceeds will be used to refinance all of the existing $800 million notes due 2023. Concurrently, MEG is repaying $100 million of the $597 million second-lien 2025 notes.

“MEG’s debt reduction and refinancing are credit positive because the company will improve its credit metrics and maturity profile by pushing out the nearest bond maturity to 2024,” said Paresh Chari, a Moody’s analyst,” in a press release.

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