Precision Drilling Prices Private Offering of US$400 Million Senior Notes Due
CALGARY, ALBERTA -- (Marketwired) -- 05/29/14 -- 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
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.
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 Corporation
Vice President, Finance and Investor Relations
Press spacebar to pause and continue. Press esc to stop.