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Unit Corp. 'BB-' Issue Rating Unchanged After $350 Million Add-On Jul 12

Description:
Abstract
NEW YORK (Standard & Poor's) July 12, 2012--Standard & Poor's Ratings Services today said its 'BB-' subordinated debt rating on Unit Corp.'s 6.625% senior subordinated notes due 2021 is unchanged. The company announced it will seek to add on $350 million to the existing $250 million notes outstanding, bringing the total issue amount to $600 million. The recovery rating on the notes is '3', indicating our expectation of meaningful (50% to 70%) recovery in the event of a payment default. The 'BB-' corporate credit rating and stable outlook on Tulsa-based Unit are unaffected. The exploration and production company intends to use proceeds to partially finance its recently announced acquisition of Noble Energy Inc.'s (BBB/Stable/--) interests in certain oil and gas...

Companies mentioned in this report are: Unit 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.
 
Companies Mentioned
Unit Corp.
 
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