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Recovery Report: Halcón Resources Corp.'s Recovery Rating Profile Jan 13 Product Image

Recovery Report: Halcón Resources Corp.'s Recovery Rating Profile Jan 13

  • ID: 2386427
  • January 2013
  • Standard & Poors

We are updating our recovery analysis on Houston-based exploration and production (E&P) company Halcón Resources Corp. (Halcón), to reflect its recent $600 million add-on senior unsecured notes issuance. Halcon plans to use part of the proceeds from the notes issuance to repay the amount due on its reserve-based lending (RBL) credit facility; the remaining proceeds will prefund the company's near-term capital expenditure plans. The increase in the level of senior unsecured debt results in lower recovery prospects for the unsecured debt under our default scenario. However, our recovery and issue-level ratings on the unsecured debt remain unchanged. Standard & Poor's Ratings Services' analysis reflects a valuation of Halcon's third-quarter 2012 reserves (pro forma for its Williston basin acquisition), based on...

Companies mentioned in this report are:
- Halcon Resources Corp.

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: Full Analysis

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