Moody's gives Permian Resources notes B2

Moody's Investors Service said it assigned a B2 rating to Permian Resources Operating, LLC's (planned $500 million of senior unsecured notes due 2032.

Permian Resources' other ratings, including the B1 corporate family rating, and positive outlook remain unchanged.

Permian Resources will use the proceeds to repay borrowings on its revolving credit facility and to prefund a portion of its acquisition of Earthstone Energy, Inc. Permian Resources expects to close the transaction by the end of 2023, subject to regulatory and shareholder approvals.

A special mandatory redemption feature requires the notes to be redeemed if the acquisition is not completed by April 21, 2024.

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