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.”
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Stallion Oilfield Holdings Seeks Half Billion Dollar Loan

Psst, hey buddy, you got an extra half billion dollars you can spare? Stallion Oilfield Holdings, Inc., a privately-held oilfield services company that works in most of the major shale plays in the U.S., including the Marcellus and Utica Shale, issued a press release yesterday looking for one or more investors that will loan the company (yes) a half a billion dollars so they can a) retire older debts, and b) fund dividend payments to stockholders.

Here’s the release:

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