Pioneer closes offering of new senior notes

Pioneer Energy Services Corp.

Pioneer Energy Services Corp. (NYSE: PES) has closed its offering of $300 million in aggregate principal amount of its 6.125% senior notes due 2022. The notes are guaranteed by certain of Pioneer's existing and future domestic subsidiaries. 

The net proceeds from the offering will be used by Pioneer to fund a portion of its previously announced cash tender offer for its outstanding 9⅞% senior notes due 2018 and to pay accrued interest thereon and related premiums, fees and expenses. To the extent that any portion of the net proceeds of the offering is not used as described above, Pioneer plans to use such net proceeds to redeem any of the existing notes, up to $300 million of the existing notes, not tendered in the tender offer.

Pioneer also announced today the early tender results for the tender offer. As of 5 p.m., New York City time, on March 17, holders of approximately $99,472,000 of the existing notes validly tendered and did not withdraw their existing notes for purchase by Pioneer.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...