Precision Drilling Trust Announces Closing of Previously Announced Private Placement
22 April 2009 - 11:10PM
Marketwired
Precision Drilling Trust ("Precision") and Precision Drilling
Corporation ("PDC") announced the closing of their previously
announced private placement offering of $175 million aggregate
principal amount of senior unsecured notes and 35,000,000 trust
units (the "Trust Units") at a price of $3.00 per Trust Unit for
aggregate gross proceeds of approximately $280,000,000.
The offering also includes 15,000,000 purchase warrants of the
Trust entitling the holder thereof to acquire up to an additional
15,000,000 Trust Units at a price of $3.22 per Trust Unit for a
period of five years from the date of issue.
The proceeds from the private placement will be used to reduce
PDC's unsecured bridge facility loans of $296 million (US$235
million).
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".
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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