Precision drilling corporation announces closing of offering of us$400,000,000 of 6.875% senior notes due 2029 and redemption of 7.75% senior notes due 2023 and 5.25% senior notes due 2024

Calgary, alberta, june 15, 2021 (globe newswire) -- precision drilling corporation (“precision” or the “company”) announced today the closing of its previously announced private offering of us$400 million aggregate principal amount of 6.875% senior notes due 2029 (the “notes”), issued at a price equal to 99.253% of the face value, in a transaction that was exempt from the registration requirements of the u.s. securities act of 1933, as amended (the “securities act”). the notes are guaranteed on a senior unsecured basis by current and future u.s. and canadian subsidiaries of precision that also guarantee precision's revolving credit facility and certain other future indebtedness. as previously announced, precision will use the net proceeds from the offering, together with unutilized capacity under its revolving credit facility to: (i) redeem in full us$286 million aggregate principal amount of its 7.750% senior notes due 2023 (the “2023 notes”) and (ii) redeem in full us$263 million aggregate principal amount of its 5.250% senior notes due 2024 (“2024 notes”). the redemption of the 2023 notes and 2024 notes will occur on june 16, 2021 and interest will cease to accrue on the 2023 notes and 2024 notes on that date.
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