Research Update: SESI's $400M Notes Are Rated 'BB-', 'BB' Corp. Rating Affirmed; Outlook Stable
Standard & Poors, December 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.
Abstract
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: Affirmed
Action: New Rating
Action: Outlook: Stable
Superior Energy Services Inc.,SESI LLC
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