UPDATE: Seaport Global Securities Upgrades PetroQuest (PQ) to Buy Following Proposed Exchange Offer
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S&P Downgrades PetroQuest Energy (PQ) to 'CC'; Outlook Negative
August 26, 2016 11:55 AM EDTS&P Global Ratings lowered its corporate credit rating on PetroQuest Energy Inc. to 'CC' from 'CCC'. The outlook is negative.
We also lowered the issue-level rating on the company's $145 million 10% senior secured second lien notes to 'CC' from 'CCC'. The recovery rating remains '3', indicating meaningful (higher end of the 50%-70% range) recovery in the event of default. The 'D' issue-level and '6' recovery ratings on the senior unsecured notes due September 2017 are unchanged. The '6' recovery rating indicates negligible (0%-10%) recovery in the event of default.
"The downgrade follows PetroQuest's announcement... More
PetroQuest Energy (PQ) Set to Open Higher After Announces Private Exchange Offers and $50M Commitment for Term Loan Facility
August 26, 2016 7:52 AM EDTPetroQuest Energy (NYSE: PQ) shares were poised to open higher Friday morning after the company announced private exchange offers and consent solicitation, along with entry into a commitment letter for a four year $50 million term loan facility. The stock was also upgraded a Johnson Rice.
Press release:
PetroQuest Energy, Inc. (NYSE: PQ) announced today that it is commencing private... More
Johnson Rice Upgrades PetroQuest (PQ) to Buy
August 26, 2016 6:55 AM EDTJohnson Rice upgraded PetroQuest (NYSE: PQ) from Accumulate to Buy.
For an analyst ratings summary and ratings history on PetroQuest click here. For more ratings news on PetroQuest click here.
Shares of PetroQuest closed at $1.76 yesterday.
... More
