Parker Drilling proposes private offering of senior notes

Parker Drilling Co.

Parker Drilling Co. (NYSE: PKD) intends to offer and sell to eligible purchasers $360 million aggregate principal amount of senior notes due 2022.

The company intends to use the net proceeds from the offering to fund a portion of its tender offer for any and all of its outstanding 9.125%senior notes due 2018 and the related consent solicitation and to pay related premiums, fees and expenses.

Parker also has commenced a cash tender offer to purchase any and all of its outstanding 9.125% senior notes due 2018 and a related solicitation of consents from the holders of the notes. The offer will expire at 11:59 p.m., New York City time, on Feb. 4.

Note holders who validly tender, and do not validly withdraw, their notes on or prior to 5 p.m., New York City time, on Jan. 21 will receive the total consideration of $1,061.98 for each $1,000 principal amount of notes purchased in the tender offer. This amount includes a consent payment of $30.00 per $1,000 principal amount of notes accepted for purchase.

Holders who validly tender (and do not validly withdraw) notes after such time but before the expiration date will be eligible to receive $1,031.98 for each $1,000 principal amount of such notes accepted for purchase.

The company has retained BofA Merrill Lynch to act as sole dealer manager for the tender offer.

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