Hi-Crush Partners Senior Secured Debt Rating Lowered To #B-# On Upsized Revolver, Extended Recovery: #3#

Stocks and Financial Services Press Releases Friday December 8, 2017 09:11
NEW YORK--8 Dec--S&P Global Ratings

NEW YORK (S&P Global Ratings) Dec. 7, 2017--S&P Global Ratings today lowered its issue-level rating on Houston-based hydraulic fracturing (frac) sand producer Hi-Crush Partners L.P.'s $200 million senior secured term loan to 'B-' from 'B'. At the same time, we revised the recovery rating on the term loan to '3' from '2', indicating our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

The change in the recovery rating is due to the upsize of the revolving credit facility (unrated) to $150 million from $75 million, adding secured debt to our hypothetical default scenario and reducing recovery prospects. The company is extending its senior secured term loan maturity to 2024 from 2021 and extending the revolver maturity to 2022 from 2019.

Our 'B-' corporate credit rating is unchanged because we believe the increase in the revolver does not affect the credit ratios. The outlook is stable.

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