Precision Drilling Corporation Announces Pricing of Senior Notes
10 November 2010 - 8:02PM
Marketwired
Precision Drilling Corporation ("Precision" or the "Corporation")
today announced that it priced US$650 million aggregate principal
amount of 6.625% senior unsecured notes due 2020 (the "notes") in a
private placement.
Precision intends to use the net proceeds from the notes
offering to repay in full outstanding indebtedness under its
existing term loan A and term loan B credit facilities and for
general corporate purposes. The current outstanding balance under
the term A credit facility is approximately US$263 million and the
outstanding balance under the term B credit facility is
approximately US$318 million. In conjunction with the closing of
the notes offering, which is expected to occur on November 17,
2010, Precision expects to enter into a new US$550 million senior
secured revolving credit facility expiring in 2013.
The notes are being offered to qualified institutional buyers
under Rule 144A and may be offered outside the United States
pursuant to Regulation S. The notes have not been registered under
the U.S. Securities Act of 1933, as amended (the "Securities Act"),
and unless so registered, may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities, including the notes, nor shall there be any offer
or sale of the notes in any state, or jurisdiction in which such
offer, solicitation, or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Certain statements contained in this news release, including
statements that contain words such as "could", "should", "can",
"anticipate", "estimate", "propose", "plan", "expect", "believe",
"will", "intends", "may" and similar expressions and statements
relating to matters that are not historical facts constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation and "forward-looking statements"
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995
(collectively, "forward-looking information and statements").
In particular, forward-looking information and statements
include, but are not limited to, the following: the closing of the
notes offering, the use of the net proceeds from the proposed notes
offering and the entering into of our new senior secured revolving
credit facility. These forward-looking information and statements
are based on certain assumptions and analysis made by the
Corporation in light of its experience and its perception of
current conditions and expected future developments as well as
other factors it believes are appropriate in the circumstances.
However, whether actual results, performance or achievements will
conform to the Corporation's expectations and predictions is
subject to a number of known and unknown risks and uncertainties
which could cause actual results to differ materially from the
Corporation's expectations.
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" and on the New York Stock Exchange under the trading
symbol "PDS".
Contacts: Precision Drilling Corporation David Wehlmann
Executive Vice President, Investor Relations 403.716.4575
403.716.4755 (FAX)
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