Precision Drilling Corporation Prices Equity Offering
20 Luglio 2004 - 4:30PM
PR Newswire (US)
Precision Drilling Corporation Prices Equity Offering CALGARY, July
20 /PRNewswire-FirstCall/ -- Precision Drilling Corporation
("Precision") is pleased to announce that it has entered into an
underwriting agreement for an offering of 4,000,000 common shares
("Shares") at a price of US$49.80 per Share, (C$65.25 per Share),
for gross proceeds of approximately US$200,000,000. The Shares will
be sold to a syndicate of underwriters led by TD Securities Inc.
and RBC Capital Markets. Precision has also granted the
Underwriters an option to purchase an additional 400,000 Shares at
the offering price to cover over-allotments and for stabilization
purposes, which if exercised, would result in total proceeds of
approximately US$220,000,000. The over-allotment option is
exercisable at any time prior to 30 days after closing. Precision
expects to use the net proceeds from the offering to pay down
indebtedness incurred in connection with the acquisitions of the
land drilling assets of GlobalSanteFe Corporation and the
acquisition of all of the issued and outstanding shares of Reeves
Oilfield Services Limited. Closing of the offering is expected to
be on or about July 26, 2004. A shelf registration statement
relating to the common shares of Precision has been filed with the
Securities and Exchange Commission and has been declared effective.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in the United States prior to registration and any
sale in the United States will be made by means of a prospectus
that may be obtained from TD Securities Inc. at 222 Bay Street,
Ernst & Young Tower, 7th Floor, Toronto, Ontario, M1K 1A2 or
from RBC Capital Markets at 200 Bay Street, Royal Bank Plaza, 4th
Floor, Toronto, Ontario, M5J 2W7. Certain statements contained in
this press release, including statements relating to matters that
are not historical facts and statements relating to the intention
to sell securities and the ultimate use of proceeds are
forward-looking statements, including under the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks and uncertainties which
may cause the actual results, performances or achievements of
Precision to be materially different from any future results,
performances or achievements expressed or implied by such
forward-looking statements. Such factors include fluctuations in
the market for oil and gas and related products and services;
competition; the ability to successfully carry out its intentions;
political and economic conditions in countries in which Precision
does business; the demand for services provided by Precision;
changes in laws and regulations, including environmental, to which
Precision is subject and other factors which are described in
further detail in Precision's filings with the Securities and
Exchange Commission. Precision Drilling Corporation (TSX: PD and
PDU; NYSE: PDS) is a global oilfield services company providing a
broad range of drilling, production and evaluation services with
focus on fulfilling customer needs through fit-for-purpose
technologies for the maturing oilfields of the 21st century. With
corporate offices in Calgary, Alberta, Canada and Houston, Texas,
and research facilities in the U.S. and Europe, Precision employs
more than 10,000 people conducting operations in more than 30
countries. Precision is committed to providing efficient and safe
services to create value for our customers, our shareholders and
our employees. DATASOURCE: Precision Drilling Corporation CONTACT:
Hank B. Swartout, Chairman, President and Chief Executive Officer,
or Dale E. Tremblay, Senior Vice President Finance and Chief
Financial Officer, 4200, 150 - 6th Avenue S.W., Calgary, Alberta
T2P 3Y7, Telephone (403) 716-4500, Fax (403) 264-0251; website:
http://www.precisiondrilling.com/; Archived images on this
organization are available through CNW E-Pix at
http://www.newswire.ca/. Images are free to members of The Canadian
Press. To request a free copy of this organization's annual report,
please go to http://www.newswire.ca/ and click on reports@cnw.
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