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Moody's assigns Rice Energy notes B3
Moody's Investors Service said it assigned Rice Energy Inc. a B2 corporate family rating and a B3 rating to its proposed offering of $750 million of senior unsecured notes due 2022.
The agency also assigned a SGL-3 speculative grade liquidity rating to Rice.
Proceeds will be used to repay and retire a second-lien term loan and for capital expenditures.
The outlook is stable.
"Rice benefits from a low cost, early entry position in the Marcellus Shale, where it has demonstrated improving operating performance and a high focus on capital efficiency. However, the company's operating history remains short and it faces considerable funding needs and execution risk as it continues to develop its acreage," Moody's vice president Gretchen French said in a news release.
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