Precision Drilling Prices Private Offering of US$400 Million Senior Notes Due 2024
29 Maio 2014 - 6:30PM
Marketwired
Precision Drilling Prices Private Offering of US$400 Million Senior
Notes Due 2024
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Precision
Drilling Corporation (TSX:PD)(NYSE:PDS) ("Precision") announced
today that it has priced US$400,000,000 aggregate principal amount
of its 5.250% 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.
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 relate to the expected use of net proceeds from
the offering. 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 will
not be completed as proposed or at all and the 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 and 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
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