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.

Latest Press Release

Fitch Rates ICBCTL#s Senior Notes #AAA(tha)#

Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of 'AAA(tha)'. The notes will be issued under ICBCTL's THB30...

UnionPay offers foodies exclusive fine dining experiences at a special price At Bangkok Restaurant Week 2018

The highly anticipated Bangkok Restaurant Week 2018 from Wongnai is here. The annual festival is bringing foodies fine dining experiences and special deals from over 50 most well-known restaurants across Bangkok. UnionPay, the best payment companion for...

TCEB unveils its 2019 strategy under a brand-new campaign Thailand: REDEFINE Your Business Events

TCEB today announced a launch of its new brand marketing communication campaign "Thailand: Redefine Your Business Events". The new campaign has prompted the bureau to redefine its role as an industry's partner for success. Tapping into the growing...

L1 Treasury จับมือ Airborne Capital ทุ่มทุน 250 ล้านดอลลาร์สหรัฐ เปิดตัว AltitudeOne Aviation

- AltitudeOne Aviation Ltd ("AltitudeOne Aviation") เป็นธุรกิจร่วมทุนที่เปิดตัวโดย LetterOne Treasury Services SA ("L1 Treasury") และ Airborne Capital Limited ("Airborne Capital") - AltitudeOne Aviation จะลงทุนในพอร์ตหลากหลายประเภท...

L1 Treasury and Airborne Capital Commit US$250m to Launch of AltitudeOne Aviation

- AltitudeOne Aviation Ltd ("AltitudeOne Aviation") is a venture launched by LetterOne Treasury Services SA ("L1 Treasury") and Airborne Capital Limited ("Airborne Capital") - AltitudeOne Aviation will invest in a diversified portfolio of in-production...

Related Topics