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Recovery Report: Milagro Oil & Gas Inc.?s Recovery Rating Profile
Standard & Poors, May 2011
We are updating our recovery analysis on U.S. exploration and production company Milagro Oil & Gas Inc. (Milagro) to reflect the new issue and recovery ratings on the company's $250 million senior-secured second-lien notes due 2016. We expect proceeds from the notes to refinance Milagro's existing $152 million second-lien notes and repay a portion of the borrowings on its ABL facility. Our simulated default scenario assumes a sustained period of low commodity prices and incorporates stressed price assumptions of $45 per barrel of West Texas Intermediate crude oil and $4.00 per million BTU of Henry Hub natural gas to value the company's year-end 2010 reserves. Milagro is a U.S. based independent oil and natural gas exploration and production (E&P) company...
Companies mentioned in this report are: Milagro Oil & Gas Inc.
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: Full Analysis
Milagro Oil & Gas Inc.