01.11.2013 16:34:00
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MEG Energy Corp. -- Moody's: MEG's Notes Add-On Has No Ratings Impact
Toronto, November 01, 2013 -- Moody's Investors Service, ("Moody's") views MEG Energy Corp.'s (MEG) US$200 million senior unsecured notes add-on to its October 1, 2013US$800 million senior unsecured notes issue does not impact the company's Ba3 Corporate Family Rating or stable outlook. Pro forma leverage in terms of E&P debt to production increases to roughly US$120,000 per barrel of oil equivalent (boe) from US$110,000/boe, but this will trend down in 2014 to below US$50,000/boe in the fourth quarter as production ramps up from Phase 2B and RISER.