S&P assigns Southwestern loan BBB-

S&P said it assigned BBB- issue-level and 1 recovery ratings to Southwestern Energy Co.'s planned senior secured term loan credit facility. The 1 recovery rating indicates an expectation for a very high (90%-100%; rounded estimate: 95%) recovery in default. The term loan is on CreditWatch with positive implications.

Southwestern will primarily use the proceeds to partly fund its $1.85 billion acquisition of GEP Haynesville LLC.

The company’s BB issuer credit rating remains on CreditWatch where the agency placed it with positive implications on Nov. 4, S&P said.

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