Precision Drilling Corporation Announces Closing of Senior Notes Offering
15 Marzo 2011 - 3:57PM
Marketwired
Precision Drilling Corporation ("Precision" or the "Corporation")
today announced the closing of its offering of C$200 million
aggregate principal amount of 6.50% senior unsecured notes due 2019
(the "notes") in a private placement offering to Canadian
investors.
The net proceeds from the notes offering and available cash will
be used by Precision to repay its outstanding indebtedness under
its senior secured revolving credit facilities.
The notes are not and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act")
and unless so registered may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any offer or sale of the notes in any state, or
jurisdiction in which such offer, solicitation, or sale would be
unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Certain statements contained in this news release, including
statements that contain words such as "could", "should", "can",
"anticipate", "estimate", "propose", "plan", "expect", "believe",
"will", "intends", "may" and similar expressions and statements
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 United
States Private Securities Litigation Reform Act of 1995
(collectively, "forward-looking information and statements").
In particular, forward-looking information and statements
include, but are not limited to, the following: the use of the net
proceeds from the notes offering. These forward-looking information
and statements are based on certain assumptions and analysis made
by the Corporation in light of its experience and its perception of
current conditions and expected future developments as well as
other factors it believes are appropriate in the circumstances.
However, whether actual results, performance or achievements will
conform to the Corporation's expectations and predictions is
subject to a number of known and unknown risks and uncertainties
which could cause actual results to differ materially from the
Corporation's expectations.
ABOUT PRECISION
Precision is a leading provider of safe and High Performance,
High Value services to the North American oil and gas industry.
Precision provides customers with access to an extensive fleet of
contract drilling rigs, service rigs, camps, snubbing units,
wastewater treatment units and rental equipment 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".
Contacts: Precision Drilling Corporation David Wehlmann
Executive Vice President, Investor Relations 403.716.4575
403.716.4755 (FAX)
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