S&P gives Secure Energy notes B

S&P said it assigned B issue-level and 3 recovery ratings to Secure Energy Services Inc.'s C$150 million of planned senior unsecured notes due 2026. The 3 recovery rating reflects an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in default.

S&P’s issuer rating for Secure Energy is B, and the outlook is positive.

The company plans to use the proceeds to refinance a portion of the second-lien notes at Tervita Corp., following the completion of the merger between the two companies, which is expected to occur in the third quarter of 2021.

“Because the proposed issuance is leverage neutral, our ratings on Secure are unchanged,” S&P said in a press release.

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