Precision drilling corporation announces pricing of private offering of us$400,000,000 of senior notes due 2029

Calgary, alberta, june 02, 2021 (globe newswire) -- precision drilling corporation (“precision” or the “company”) announced today that it has priced us$400,000,000 aggregate principal amount of its 6.875% senior notes due 2029 (the “notes”), issued at a price equal to 99.253% of the face value, 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 plans to 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 (“2023 notes”); and (ii) redeem in full us$263 million aggregate principal amount of its 5.250% senior notes due 2024 (“2024 notes”), with conditional redemption notices for such redemptions issued yesterday.
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