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

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Related Topics