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Moody's rates HighPeak notes B3
Moody’s Investors Service said it rated HighPeak Energy Inc.’s planned $575 million of five-year senior unsecured notes B3. The agency also assigned HighPeak a B2 corporate family rating and a B2-PD probability of default rating.
"The high oil content of HighPeak's production and a competitive cost structure with a high degree of operational control drives high cash margins and good capital efficiency," commented Thomas Le Guay, a Moody's senior analyst, in a press release. "However, the credit profile is constrained by volatile cash flow, highly concentrated operations and has high capital investment requirements".
HighPeak intends to use the proceeds to repay debt and for general corporate purposes.
The outlook is stable.
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