Precision Drilling Trust Announces Private Placement of Senior Notes
09 Februar 2009 - 1:19PM
Marketwired
This news release contains "forward-looking information and
statements" within the meaning of applicable securities laws. For a
full disclosure of the forward-looking information and statements
and the risks to which they are subject, see the "Cautionary
Statement Regarding Forward-Looking Information and Statements"
later in this news release.
Precision Drilling Trust ("Precision" or the "Trust") announced
that Precision Drilling Corporation, which is indirectly wholly
owned by the Trust, intends to offer, subject to market and other
conditions, approximately US$250 million aggregate principal amount
of senior notes due 2015 pursuant to a private placement (the
"Placement"). Precision intends to use the proceeds of the offering
to reduce outstanding indebtedness under its bridge facility and
outstanding convertible notes, which were assumed in connection
with Precision's acquisition of Grey Wolf, Inc. in December
2008.
The notes will be offered and sold to qualified institutional
buyers in accordance with Rule 144A under the Securities Act of
1933 (the "Securities Act") and outside the United States to
eligible investors pursuant to Regulation S. The notes have not
been and will not be registered under the Securities Act and may
not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act.
About Precision
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD.UN" and on the New York Stock Exchange under the trading
symbol "PDS".
Cautionary Statement Regarding Forward-Looking Statements
Statements about Precision's expectations and all other
statements in this news release, other than historical facts, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may also
constitute "forward-looking information" within the meaning of
applicable Canadian securities legislation. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside of Precision's control, which could cause actual
results to differ materially from such statements. Forward-looking
statements or information in this news release include but are not
limited to expected gross proceeds from the offering of senior
notes. Among the factors that could cause results to differ
materially from those indicated by such forward-looking statements
are changes in market conditions and failure to obtain required
regulatory approval. Readers are cautioned not to place undue
reliance on forward-looking information. No assurance can be given
that any of the events anticipated by the forward-looking
information will transpire or occur or, if any of them do so, what
benefits Precision will derive therefrom.
Contacts: David Wehlmann, Executive Vice President, Investor
Relations Precision Drilling Corporation, Administrator of
Precision Drilling Trust (403) 716-4575 (403) 716-4755 (FAX)
Precision Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary,
Alberta T2P 3Y7 Website: www.precisiondrilling.com
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