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Research Update: Superior Energy Services 'BB' Corporate Credit Rating Affirmed; $300 Mil Notes Rated 'BB-'
Standard & Poors, May 2006
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
On May 16, 2006, Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on Superior Energy Services Inc. and assigned its 'BB-' senior unsecured rating to the $300 million senior unsecured notes issued by SESI LLC and guaranteed by Superior, due 2014. The outlook is stable. Proceeds from the note offering should be used to redeem Superior's $200 million senior notes due 2011; fund the acquisition of oil and gas properties from Explore Offshore LLC; and help fund the recently announced $70 million investment in Coldren Oil & Gas Co. L.P. Harvey, La.-based Superior will have around $320 million of debt on a pro forma basis after this transaction. The ratings on Superior reflect its limited geographic diversification,...
Companies mentioned in this report are: Superior Energy Services Inc.,SESI LLC
Action: New Rating
Action: Outlook: Stable
Superior Energy Services Inc.,SESI LLC