...May 6, 2024 NEW YORK (S&P Global Ratings) May 6, 2024--S&P Global Ratings today assigned its '##+' issue-level rating and '3' recovery rating to Texas-based privately-held oil and gas exploration and production company Hilcorp Energy I L.P. (HEI) and Hilcorp Finance Co.'s proposed $500 million senior unsecured notes due in 2034. 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 the company are unchanged. The notes will rank equally in right of payment with the company's current and future unsecured debt. They will be guaranteed on an unsecured, unsubordinated basis by HEI's restricted subsidiaries. The company intends to use net proceeds (after deduction of initial purchasers' discount and offering expenses) to repay borrowings under its senior secured credit facility, as well as for general partnership purposes. As of Dec. 31, 2023, the company...
