Research Update: SESI's $400M Notes Are Rated 'BB-', 'BB' Corp. Rating Affirmed; Outlook Stable
- ID: 1713106
- December 2006
- Standard & Poors
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Product Type: Research Update
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On Dec. 7, 2006, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured rating to oilfield services firm SESI LLC's proposed $400 million exchangeable notes due 2026. At the same time, Standard & Poor's affirmed SESI's and parent Superior Energy Services Inc.'s 'BB' corporate credit rating and 'BB-' rating on the $300 million senior unsecured notes. The outlook is stable. Pro forma for the proposed $400 million note offering, Harvey, La.-based SESI is expected to have about $739 million of debt, adjusted for operating leases. The notes are guaranteed by SESI parent, Superior. Superior intends to use the proceeds for the Warrior Energy Services Corp. acquisition, $160 million of the net proceeds, to repurchase shares of its common stock...
Companies mentioned in this report are: Superior Energy Services Inc.,SESI LLC
Action: New Rating
Action: Outlook: Stable
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