Fitch assigns Penn Virginia notes B

Fitch Rating said it assigned B/RR3 ratings to Penn Virginia Holdings, LLC's (PVAC) planned senior unsecured notes due 2028.

Proceeds are expected to be used to reduce borrowings under the reserve-based lending credit facility and repay the second-lien term loan.

“PVAC's proposed $350 million senior unsecured note issuance extends the maturity profile and improves near-term liquidity, with approximately $190 million of proceeds used to reduce borrowings under the RBL. Following repayment of the second-lien term loan, Fitch believes the extended maturity profile provides ample time for PVAC to regain operational momentum following production declines in 2020 and generate FCF,” the agency said in a press release.

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