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BULLETIN: Forest Oil Completes Merger, Redeems Wiser Notes; No Effect on Rating Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 1, 2004--Standard & Poor's Rating Services said today that Forest Oil Corp.'s (BB-/Stable/--) completion of its merger with The Wiser Oil Co. and Wiser's subsequent declaration to redeem all of its outstanding 9.5% senior subordinated notes due 2007 does not affect the rating or outlook on Forest. Proceeds from Forest's recent equity issuance will be used to redeem the notes, which have a face value of $125 million. Pro forma for the redemption of the notes, Denver, Colo.-based Forest will have about $1 billion in long-term debt outstanding....
Companies mentioned in this report are: Forest Oil Corp.
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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