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Research Update: Gulf Offshore Logistics Holdings LLC Preliminary Issue Ratings Assigned; 'CCC+' Rating Affirmed; Outlook Developing May 11 Product Image

Research Update: Gulf Offshore Logistics Holdings LLC Preliminary Issue Ratings Assigned; 'CCC+' Rating Affirmed; Outlook Developing May 11

  • Published: May 2011
  • Standard & Poors

Abstract
U.S. oilfield services provider Gulf Offshore Logistics Holdings LLC (GOL) plans to issue $75 million in secured floating rate notes (floating notes) and $35 million in secured term B fixed rate notes plus warrants (Term B notes). We are affirming the preliminary 'CCC+' corporate credit rating on the company. We are withdrawing our preliminary 'CCC+' issue and preliminary '3' recovery ratings on the $110 million secured fixed rate notes. We're assigning preliminary 'B-' issue and preliminary '2' recovery ratings to GOL's proposed floating notes and preliminary 'CCC-' issue and a preliminary '6' recovery ratings to GOL's proposed Term B notes. The outlook is developing because we could raise or lower the ratings depending on Gulf of Mexico market conditions; on...

Companies mentioned in this report are: Gulf Offshore Logistics Holdings LLC
Action: Affirmed
Action: New Rating
Action: Outlook: Developing
Action: Preliminary Rating
Action: Withdrawn

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Gulf Offshore Logistics Holdings LLC

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