12:47 PM EDT, 05/14/2024 (MT Newswires) -- S&P Global Ratings on Tuesday assigned its "B" issue-level and "3" recovery rating to CES Energy Solutions' ( CESDF ) proposed issue of C$200 million senior unsecured notes due 2029.

The "3" recovery rating indicates the rating agency's expectation for meaningful recovery in a distress scenario.

The agency expects the company to use the proceeds, along with drawings under the credit facility, to repay the existing C$250 million term loan facility due April 2026.

The company's shares rose over 1% on last look on Tuesday in Canada.

Price: 6.70, Change: +0.06, Percent Change: +0.90