Precision drilling corporation announces proposed private offering of us$400,000,000 of senior notes and conditional early redemption of 7.75% senior notes due 2023 and 5.25% senior notes due 2024

Calgary, alberta, june 01, 2021 (globe newswire) -- precision drilling corporation (“precision” or the “company”) announced today that it intends, subject to market and other conditions, to offer us$400,000,000 aggregate principal amount of senior notes due 2029 (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 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”). the redemption of the 2023 notes and the 2024 notes is conditional upon the completion of the notes offering.
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