Stallion Oilfield Looks for $350M Loan, Moody’s Not Impressed
Stallion Oilfield Holdings, an oilfield services company that provides wellsite support, completion, production and logistics services to onshore oil and gas drillers, announced yesterday they’re shopping for a $350 million loan (due payable in 2018) to pay off other loans, issue stockholder dividends, and keep the lights turned on. Stallion operates in the Marcellus and Utica Shale, among other plays. The company filed for bankruptcy protection in 2009. They also had their hands out last November, looking for a half billion dollars (see Stallion Oilfield Holdings Seeks Half Billion Dollar Loan).
Moody’s Investors Service has taken a dim view of this latest appeal, giving the proposed loan a low rating–B3, which means: “Judged as being speculative and a high credit risk.” B3 is just one step above Caa1, which is “poor quality and very high credit risk.”