...January 7, 2020 DENVER (S&P Global Ratings) Jan. 7, 2020--S&P Global Ratings today assigned its 'B+' issue-level and '3' recovery ratings to Tulsa, Okla.-based exploration and production company Laredo Petroleum Inc.'s proposed $450 million senior unsecured notes due 2025 and $450 million senior unsecured notes due 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery of principal in the event of a payment default. Laredo will use the proceeds from this offering to redeem its existing $450 million senior unsecured notes due 2022 and $350 million senior unsecured notes due 2023. Laredo will use the additional proceeds to pay down approximately $80 million on its revolving credit facility. We view the proposed refinancing as credit positive since the transaction will improve the company's liquidity position and reduce future refinancing risk. However, as outlined on Dec. 10, 2019, in "Laredo Petroleum Inc. Outlook Revised To Negative...
