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Bulletin: Clayton Williams Energy Inc. Rating On Senior Unsecured Notes Not Affected By $50 Million Add On Apr 11 Product Image

Bulletin: Clayton Williams Energy Inc. Rating On Senior Unsecured Notes Not Affected By $50 Million Add On Apr 11

  • ID: 1714376
  • April 2011
  • Standard & Poors

Abstract
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.
Action: Bulletin

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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