...October 2, 2024 NEW YORK (S&P Global Ratings) Oct. 2, 2024--S&P Global Ratings today assigned its '##+' issue-level rating and '3' recovery rating to private Texas-based oil and gas exploration and production company Hilcorp Energy I L.P. (HEI) and Hilcorp Finance Co.'s proposed $800 million senior unsecured notes due 2035. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. Our '##+' issuer credit rating and stable outlook on HEI are unchanged. The notes will rank equally in right of payment with the company's current and future unsecured debt. They will also be guaranteed on an unsecured and unsubordinated basis by HEI's restricted subsidiaries. The company intends to use the net proceeds from these notes to repay the outstanding borrowings under its senior secured credit facility, as well as for general partnership purposes, including to fund a portion of its pending acquisitions. As of June 30,...
