Moody’s ups Osum Production

Moody's Investors Service said it upgraded Osum Production Corp.'s corporate family rating to B3 from Caa1, probability of default to B3-PD from Caa1-PD, $18 million senior secured term loan due July 2020 to B3 from Caa1.

At the same time, Moody's assigned a B3 rating to Osum's extended $172 million term loan maturing July 2022 and Ba3 to its $15 million super-priority senior secured revolver due April 2020.

The outlook remains stable.

“Osum's upgrade reflects its improved liquidity profile following the extension of the majority of its term loan debt to 2022,” Moody's analyst Jonathan Reid said in a news release.

“We expect credit metrics will remain strong over the next 12-18 months as a result of strong cash flow generation and increased production capacity following its Orion expansion.”

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