S&P: Memorial Resource Development unchanged

Standard & Poor’s said the B- rating and 5 recovery rating on Memorial Resource Development Corp.’s senior unsecured notes due 2022 are unchanged following the company’s $300 million upsizing of the notes .

The upsize increased the notes to $600 million from the previously anticipated $300 million. The 5 recovery rating indicates 10% to 30% expected default recovery.

The company’s B corporate credit rating also is unchanged following the upsizing of the notes.

The outlook remains stable.

The agency said it expect that the company will use the additional $300 million in proceeds to repay a portion of the amount outstanding on its revolving credit facility and to accelerate drilling in its Terryville field.

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