Moody's rates Midstates Petroleum notes B3

Moody's Investors Service said it assigned B3 corporate family and probability of default ratings and a Caa1 rating to the proposed offering of $550 million senior unsecured notes to Midstates Petroleum Co., Inc. and co-issuer Midstates Petroleum Co. LLC.

Moody's also assigned an SGL -3 speculative grade liquidity rating reflecting adequate liquidity.

The outlook is positive.

"This notes offering will fund the cash portion of Midstates Petroleum's pending acquisition of Eagle Energy Production, LLC as well as provide liquidity to the company's 2012 and 2013 capital spending program, while diversifying its capital structure and extending the company's debt maturity profile," Moody's vice president Andrew Brooks said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.