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Bulletin: Clayton Williams Energy Inc. Rating On Senior Unsecured Notes Not Affected By $50 Million Add On Apr 11
Standard & Poors, April 2011
NEW YORK (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services said today that Clayton Williams Energy Inc. (B/Stable/--) is adding $50 million to its existing $300 million 7.75% senior unsecured notes due 2019, but that this would not affect the rating on the notes. This brings the new total on the notes to $350 million. The issue-level rating on this debt remains 'B' (the same as the corporate credit rating), and the recovery rating remains '4', indicating our expectation of average (30% to 50%) recovery in the event of a payment default. "Our recovery analysis incorporates Clayton Williams Energy's plan to use the proceeds from the proposed notes offering to repay part of its outstanding balance under its...
Companies mentioned in this report are: Clayton Williams Energy Inc.
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Clayton Williams Energy Inc.