Vital Energy Inc.'s Proposed $800 Million Of New Senior Unsecured Notes Rated 'B'; On CreditWatch Negative

NEW YORK (S&P Global Ratings) September 14, 2023 – S&P Global Ratings today assigned its 'B' rating to Vital Energy Inc.'s proposed $300 million add-on offering of its 10.125% senior unsecured notes due 2028 and its proposed $500 million of senior unsecured notes due 2030. Vital Energy is concurrently offering 2.5 million shares of common stock, about $150 million at today's share price. The issue-level ratings have been placed on CreditWatch with negative implications, in line with our issuer credit rating and existing issue-level ratings which were placed on CreditWatch with negative implications on Sept. 1, 2023. We expect the company to use proceeds from the debt and equity offerings to fund the satisfaction and discharge of the indenture governing

...September 14, 2023 NEW YORK (S&P Global Ratings) September 14, 2023 ¡ S&P Global Ratings today assigned its 'B' rating to Vital Energy Inc.'s proposed $300 million add-on offering of its 10.125% senior unsecured notes due 2028 and its proposed $500 million of senior unsecured notes due 2030. Vital Energy is concurrently offering 2.5 million shares of common stock, about $150 million at today's share price. The issue-level ratings have been placed on CreditWatch with negative implications, in line with our issuer credit rating and existing issue-level ratings which were placed on CreditWatch with negative implications on Sept. 1, 2023. We expect the company to use proceeds from the debt and equity offerings to fund the satisfaction and discharge of the indenture governing its 9.5% senior unsecured notes due 2025 ($455.6 million outstanding as of June 30, 2023), as well as to repay a portion of its borrowings under its reserve-based lending (RBL) facility and for general corporate purposes....

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