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Basic Energy Services Inc. Senior Unsecured Notes Upsized To $450 Million Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 8, 2011--Standard & Poor's Ratings Services said today that Basic Energy Services Inc. (B/Stable/--) is adding $175 million to its existing $275 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 $450 million. The issue-level rating on this and other senior unsecured debt remains 'B-' (one notch lower than the corporate credit rating), and the recovery rating remains '5', indicating our expectation of modest (10% to 30%) recovery in the event of a payment default. 'Our recovery analysis incorporates Basic's plan to use the proceeds from the proposed notes offering to fund its pending acquisition of...
Companies mentioned in this report are: Basic Energy Services Inc.
Action: General Comment
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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