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Moody's rates Memorial Production notes Caa1
Moody's Investors Service said it assigned Memorial Production Partners LP a B2 corporate family rating and a Caa1 rating to the proposed offering of $300 million of senior unsecured notes due 2021, which are being co-issued by Memorial Production Finance Corp.
Moody's also assigned a SGL-3 speculative grade liquidity rating to the company.
The outlook is stable.
The proceeds from the proposed notes offering will be used to repay a portion of borrowings under Memorial's senior secured revolving credit facility and for general partnership purposes.
"Memorial benefits from a long-lived reserve base, active hedging strategy, appropriate leverage profile, and access to acquisition pipeline through its sponsors," Moody's vice president Saulat Sultan said in a news release.
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