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Fitch rates Medallion loan BB
Fitch Ratings said it gave BB/RR2 ratings to Medallion Midland Acquisition LP’s expected $100 million incremental term loan due October 2028.
Concurrently, the agency affirmed Medallion’s B+ issuer and BB/RR2 senior secured term loan ratings. “The incremental debt will modestly increase leverage in FY 2023 beyond Fitch's previous forecast. Against this higher leverage, the term loan affirmation is based on an increase in Medallion's going-concern EBITDA assumption, which in turn reflects, among other things, assumptions for better production from wells completed before 2022 than Fitch had formerly assumed,” the agency said in a press release.
Medallion will use the loan to pay a distribution to its owner.
The outlook is stable.
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