Parker Drilling closes sale of $225M in senior notes due 2020

Parker Drilling Co.

Parker Drilling Co. (NYSE: PKD), a drilling services and rental tools provider, has closed its previously announced sale of $225 million aggregate principal amount of 7.500% senior notes due 2020 in a private offering. The notes will mature on August 1, 2020.

The company intends to use the net proceeds from the offering to repay in full the outstanding indebtedness and other amounts owing under its $125 million five-year term loan with Goldman Sachs Bank USA undertaken to fund the April 22, 2013, acquisition of International Tubular Services Ltd. and certain of its affiliates; to repay in full the indebtedness outstanding under its senior secured term loan facility (as recently amended to provide for additional future borrowings through April 30, 2014); and for general corporate purposes.

Parker Drilling provides contract drilling solutions, rental tools and project management services to the energy industry. Its active rig fleet includes 21 land rigs and one offshore barge rig in international locations, 12 barge rigs in the US Gulf of Mexico, and two land rigs in Alaska. The company's rental tools business supplies premium equipment and well services to operators on land and offshore in the US and international markets. Parker Drilling also performs contract drilling for customer-owned rigs and provides technical services addressing drilling challenges for E&P customers worldwide.


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