Northern Oil Gas Inc. Downgraded To #SD# From #CC# On Distressed Note Unsecured Debt Rating Lowered To #D#

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:18
DALLAS--17 May--S&P Global Ratings

DALLAS (S&P Global Ratings) May 16, 2018--S&P Global Ratings today lowered its corporate credit rating on Northern Oil & Gas Inc. to 'SD' (selective default) from 'CC'. At the same time, we lowered the issue-level rating on the company's senior unsecured debt to 'D' from 'CC'.

We will review our recovery ratings on the company's debt, including recovery ratings, when we view the likelihood of further exchanges to be low. The downgrade follows the announcement by Northern Oil & Gas that it has completed its exchange, which includes the exchange of about $500 million in unsecured debt for new second-lien secured notes and equity.

We view the exchange as distressed given that the maturity was extended on the new second-lien notes from what was originally promised on the senior unsecured notes.

Latest Press Release

TCP Group integrates sustainability into 5-year business plan

TCP Group, the Thai beverage and snacks group that owns, manufactures, and distributes Krating Daeng (Red Bull), Ready, Sponsor, Som Plus, Mansome, and Puriku beverages as well as Sun Snack snacks, today, announced that it has embedded far-reaching...

TMB credit card gives you best deal with discount and cash back on Grab rides

TMB credit card offers double special privileges on Grab rides from today to December 31, 2018. The first privilege, get 100 baht discount when you pay with GrabPay for the first time with TMB credit card, applying "GRABTMB" promo code, limited one per...

SET hosts Angel Investing Day for startup investment via LiVE Platform

The Stock Exchange of Thailand (SET) and Live Fin Corp Co., Ltd. (LiVE), will jointly hold "Angel Investing Day" for angel investors, aiming at delivering knowledge on how to invest in startup businesses through "LiVE Platform" – the first Thailand...

TRUE REPORTS NET PROFIT OF BAHT 10 BILLION IN 2Q18

True Corporation PLC (SET: TRUE) recorded Baht 10 billion of net profit in the second quarter of 2018 driven by all-time high service revenue and a gain from asset sales to the Digital Telecommunications Infrastructure Fund (DIF). Consolidated net profit...

Photo Release: Six-month interest-free installments of down payment for KLeasings new car loans

Ms. Patcharee Uthairatanakit, Deputy Managing Director of KASIKORN LEASING Co., Ltd., launched the "KLeaisng BIG Bonus" campaign wherein applicants for new car loans of KLeasing will be granted a special privilege of 6-month interest-free installments of...

Related Topics