S&P lowers Crescent Resources loan to 5

Standard & Poor's said it revised its recovery rating on Crescent Resources LLC's prepetition senior secured credit facility to five from 4, which indicates its expectation for a modest recovery.

The agency said that the revised recovery rating follows the June 10 Chapter 11 bankruptcy filing by the company and its subsidiaries.

As part of its first-day motions, the bankruptcy court approved an interim debtor-in-possession order, which allows the company to procure a $110 million DIP facility, $35 million of which will be available immediately on an interim basis, the agency added.

The full $110 million commitment requires court approval under a final DIP order, S&P added, noting that the DIP facility will consist of an $80 million revolver and a $30 million term loan component, and the borrower is Crescent Resources LLC.

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