Moody's rates Oil States notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Oil States International, Inc. proposed $300 million senior unsecured notes.

Oil States' other ratings and positive outlook remained unchanged.

Net proceeds from the note offering will be used primarily to reduce borrowings under Oil States' U.S. revolving credit facility and to fund the acquisition of Tempress Technologies for roughly $52.5 million, which was announced on Dec. 17.

"These transactions together, will enhance liquidity at the expense of slightly higher near term debt burden," Moody's analyst Sajjad Alam 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.