Moody’s rates Ithaca Energy notes B3

Moody's Investors Service said it assigned a B3 senior unsecured rating to Ithaca Energy (North Sea) plc's planned $625 million of senior unsecured notes due 2026.

Moody's also affirmed Ithaca Energy Ltd.'s B1 corporate family rating and B1-PD probability of default rating. The agency affirmed the B3 rating on Ithaca Energy (North Sea)’s $500 million of backed senior unsecured notes due 2024 on May 12.

The proceeds and $175 million of drawings under the reserves based lending facility will be used to redeem in full the $500 million of senior unsecured notes due in July 2024 and to partially repay the $250 million subordinated shareholder loan.

The outlook on the two companies remains stable.

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