...July 12, 2021 NEW YORK (S&P Global Ratings) July 12, 2021--S&P Global Ratings today assigned its 'B' issue-level rating and '2' recovery rating to U.S.-based crude oil and natural gas exploration and production company Laredo Petroleum Inc.'s proposed issuance of $400 million of senior unsecured notes due 2029. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery of principal to creditors in the event of a payment default. We expect the company will use proceeds from the senior unsecured notes primarily to repay borrowings on its reserve-based lending (RBL) credit facility. As of July 8, 2021, Laredo had $410 million drawn on its RBL, which has a $725 million borrowing base and elected commitment amount. This includes the amount drawn to finance, in part, the company's $715 million acquisition of oil and gas properties from Sabalo Energy LLC, which closed on July 1, 2021. Laredo also closed on its $405 million sale of a working interest...
