Precision Drilling Corporation Announces Closing of Senior Notes Offering
CALGARY, ALBERTA -- (Marketwired) -- 06/03/14 -- Precision Drilling
Corporation ("Precision") (TSX: PD)(NYSE: PDS) announced today the
closing of its previously-announced private offering of
US$400,000,000 aggregate principal amount of 5.250% Senior Notes due
2024 (the "Notes") 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 were 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.
The Notes and the related guarantees were 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
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.
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
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