Moody's: Mission Resources on review uncertain

Moody's Investors Service said it placed Mission Resources' ratings under review with a direction uncertain following the announcement that Petrohawk Energy Corp. is acquiring Mission Resources.

Total consideration will be about 60% Petrohawk common stock and 40% cash and will consist of about 19.2 million Petrohawk common shares and $135 million in cash. Moody's does not rate Petrohawk Energy.

Petrohawk will assume about $170 million of Mission Resources debt and is likely to issue about $125 million of notes in the high-yield market, Moody's said.

The following Mission ratings are placed on review with a direction uncertain: the Caa1 senior implied rating; the Caa2 rating for the $130 million senior unsecured notes; and Mission's Caa2 senior unsecured issuer rating.

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