Precision Drilling Announces Proposed Private Offering of US$400 Million Senior Notes Due 2024 & Amendment to Its Revolving C...
28 Maio 2014 - 5:21PM
Marketwired
Precision Drilling Announces Proposed Private Offering of US$400
Million Senior Notes Due 2024 and Amendment to Its Revolving Credit
Facility
CALGARY, ALBERTA--(Marketwired - May 28, 2014) - Precision
Drilling Corporation (TSX:PD)(NYSE:PDS) ("Precision") announced
today that it intends, subject to market and other conditions, to
offer US$400,000,000 aggregate principal amount of its Senior Notes
due 2024 (the "Notes") in a private offering that is exempt from
the registration requirements of the U.S. Securities Act of 1933,
as amended (the "Securities Act"). The Notes will be guaranteed on
a senior unsecured basis by current and future U.S. and Canadian
subsidiaries that also guarantee Precision's revolving credit
facility and certain other future indebtedness. Precision expects
to use the net proceeds from this offering for general corporate
purposes, including building new rigs.
In addition, on May 21, 2014, Precision launched an amendment to
the credit agreement governing its revolving credit facility (the
"Credit Agreement Amendment") in conjunction with its proposed
offering of the Notes. The Credit Agreement Amendment, among other
things, will (i) voluntarily reduce the size of the revolving
credit facility from US$850.0 million to US$650.0 million, (ii)
extend the maturity from November 17, 2018 to June 3, 2019 and
(iii) increase the maximum consolidated senior debt to EBITDA ratio
from 3.0:1.0 to 3.5:1.0 for the first three fiscal quarters
following a material acquisition that involves total consideration
of more than 5% of Precision's consolidated net tangible
assets.
The Notes and the related guarantees will be offered only to
qualified institutional buyers in reliance on the exemption from
registration set forth in Rule 144A under the Securities Act, and
outside the United States to non-U.S. persons in reliance on the
exemption from registration set forth in Regulation S under the
Securities Act. The Notes and the related guarantees have not been
registered under the Securities Act, or the securities laws of any
state or other jurisdiction, and may not be offered or sold in the
United States without registration or an applicable exemption from
the Securities Act and applicable state securities or blue sky laws
and foreign securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, any securities, nor shall there be
any sales of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This notice is being issued pursuant to and in accordance with Rule
135(c) under the Securities Act.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Certain statements contained in this news release 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 U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
information and statements").
In particular, forward-looking information and statements in
this news release include, but are not limited to, the proposed
offering of Notes, the use of the net proceeds from the offering
and the proposed changes to Precision's existing credit facility
via the Credit Agreement Amendment. These forward-looking
information and statements are based on certain expectations and
assumptions made by Precision, including the assumption that the
offering will be completed as proposed. Although Precision believes
that the expectations and assumptions on which such forward-looking
information and statements are based are reasonable, undue reliance
should not be placed on the forward- looking information and
statements as Precision cannot give any assurance that they will
prove to be correct. Actual results could differ materially from
those currently anticipated due to a number of factors and risks,
which include, but are not limited to, the risk that the offering
of Notes will not be completed as proposed or at all and general
economic, market and business conditions. Readers are cautioned
that the foregoing list of risks and uncertainties is not
exhaustive. Additional information on these and other risks factors
that could affect Precision's operations, financial results and the
completion of the offering are discussed in Precision's annual
information form and other disclosure documents on file with the
Canadian securities commissions on SEDAR (www.sedar.com) and with
the U.S. Securities and Exchange Commission on EDGAR
(www.sec.gov).
The forward-looking information and statements contained in this
press release are made as of the date hereof and Precision does not
undertake any obligation to update publicly or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
About
Precision
Precision is a leading provider of safe and High Performance,
High Value services to the oil and gas industry. Precision provides
customers with access to an extensive fleet of contract drilling
rigs, directional drilling services, well service & snubbing
rigs, coil tubing services, camps, rental equipment, and water
treatment units 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".
Precision Drilling CorporationCarey FordVice President, Finance
and Investor Relations403.716.4575403.716.4755
Precision Drilling (TSX:PD)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Precision Drilling (TSX:PD)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024