...April 15, 2024 MELBOURNE (S&P Global Ratings) April 16, 2024--S&P Global Ratings today assigned its '##' long-term issue rating to the five-year US$350 million senior, unsecured 144A/Reg S notes that Perenti Finance Pty Ltd. proposes to issue. Perenti Finance is the financing arm of Perenti Ltd. (##/Positive/--). We assigned the notes a recovery rating of '3', reflecting our expectation for average (50%-70%; rounded estimate: 50%) recovery prospects in the event of a payment default. The notes will rank equally with all other senior unsecured and unsubordinated obligations of the Australia-based mining services group. Perenti will use the proceeds to repay US$230 million of its existing US$432.8 million senior notes due 2025. The remaining proceeds will be allocated toward partially repaying outstanding balances drawn under its syndicated debt facilities. We revised the rating outlook on Perenti Ltd. to positive from stable in November 2023. This reflected the company's increased scale...
