S&P revises Helix rating to 1

S&P said it revised its recovery rating for Helix Gen Funding LLC to 1 from 2 and affirmed the BB- rating on its debt. A 1 rating indicates a recovery of 90%-100% of principal versus a 2, which indicates a recovery of 70%-90% if Helix defaults.

Helix reported a refinancing transaction that will extend the maturity of its debt outstanding to December 2027.

“We have assumed Helix will amend and extend most of its $698 million TLB outstanding, which will significantly reduce refinancing risk in 2024. At the same time, the project could be facing some refinancing risk depending on the size of the non-extended portion. Helix is also decreasing its revolver size because the project's asset base is now smaller compared with the original portfolio in 2017. The maturity of the revolver has also been extended to September 2027 from March 2024,” S&P said in a press release.

The outlook is stable.

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