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Bill Barrett Corp.'s Proposed $300 Million Senior Unsecured Notes Rated 'BB-' (Recovery Rating: '3') Sep 11
Standard & Poors, Sep 2011
Abstract
NEW YORK (Standard & Poor's) Sept. 20, 2011--Standard & Poor's Ratings Services today assigned its 'BB-' issue-level rating (same as the corporate credit rating) to Bill Barrett Corp.'s proposed $300 million senior unsecured notes due 2019. The recovery rating on the notes is '3', indicating our expectation for meaningful recovery (50% to 70%) in the event of a payment default. Bill Barrett plans to use proceeds from the proposed notes offering to repay outstanding balances under its revolving credit facility and for general corporate purposes. As of Sept. 20, 2011, the company had $330 million drawn on its revolver. The 'BB-' corporate credit rating and stable outlook on Denver-based crude oil and natural gas exploration and production company Bill Barrett...
Companies mentioned in this report are: Bill Barrett Corp.
Action: New Rating
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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