Precision Drilling Corporation Announces Pricing of Senior Notes
26 Juli 2011 - 9:06PM
Marketwired
Precision Drilling Corporation ("Precision" or the "Corporation")
today announced that it priced US$400 million aggregate principal
amount of 6.5% senior unsecured notes due 2021 (the "notes") in a
private placement.
Precision intends to use the net proceeds from the notes
offering to fund its capital expenditure program, including its
2011 new build program, and for general corporate purposes.
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 and the use of the net proceeds from the notes
offering. 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 and High Performance,
High Value services to the North American oil and gas industry.
Precision provides customers with access to an extensive fleet of
contract drilling rigs, service rigs, directional drilling
services, 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 Carey Ford Vice
President, Finance and Investor Relations 403.716.4575 403.716.4755
(FAX) Precision Drilling Corporation 4200, 150 - 6th Avenue S.W.
Calgary, Alberta, Canada T2P 3Y7
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