TEXT-S&P says Gulfport Energy ratings unchanged by note add-on
Dec 18 - Standard & Poor's Ratings Services said today that its 'B-' corporate credit rating and 'CCC+' issue-level rating on Gulfport Energy Corp. are unchanged by Gulfport's announcement yesterday that it will issue 9,000,000 shares of common stock and launch a $50 million add-on to its 7.75% senior notes due 2020. Net proceeds from the equity offering and the add-on will be used primarily to fund the acquisition of approximately 30,000 net acres in the Utica Shale from Windsor Ohio LLC for about $300 million. RATINGS LIST Gulfport Energy Corp. Corporate credit rating B-/Negative/-- $300 mil. 7.75% sr unsec notes due 2020 CCC+ Recovery rating 5 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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