S&P rates Newpark notes CCC+

Standard & Poor's said it assigned Newpark Resources Inc.'s (B/stable) proposed $150 million convertible notes due 2017 CCC+ issue and 6 recovery ratings.

"Our recovery analysis incorporates Newpark's plans to use the proceeds from the proposed notes offering to repay outstanding balances under its senior credit facility as well as general corporate purposes," S&P analyst Amy Eddy said in a statement.

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