Attached files
file | filename |
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8-K - FORM 8-K - PARKER DRILLING CO /DE/ | h71627e8vk.htm |
EX-4.1 - EX-4.1 - PARKER DRILLING CO /DE/ | h71627exv4w1.htm |
EX-99.2 - EX-99.2 - PARKER DRILLING CO /DE/ | h71627exv99w2.htm |
EX-10.1 - EX-10.1 - PARKER DRILLING CO /DE/ | h71627exv10w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
March 22, 2010
March 22, 2010
Parker Drilling Company Announces
Closing of Sale of $300 Million of Senior Notes Due 2018
Closing of Sale of $300 Million of Senior Notes Due 2018
HOUSTON March 22, 2010 Parker Drilling Company (NYSE: PKD) announced today that it has
closed its previously announced sale of senior notes due 2018 in a private offering that resulted
in gross proceeds of $300 million. The notes bear interest at 9⅛%. The notes are unsecured and
guaranteed by substantially all of the Companys direct and indirect domestic subsidiaries other
than immaterial subsidiaries and subsidiaries generating revenue primarily outside the United
States. The notes will mature on April 1, 2018.
The Company intends to use the net
proceeds of the offering of the notes to fund the March 8,2010 cash tender offer for up to $225 million
aggregate principal amount of the Companys 9⅝%
Senior Notes due 2013 and for general corporate purposes, which may include the redemption of any
of the Companys 9⅝% Senior Notes due 2013 not tendered in the tender offer and consent
solicitation and the repayment of up to $42.0 million of borrowings under its revolving credit
facility.
The securities have not been registered under the Securities Act of 1933, as amended (the
Securities Act), or any state securities laws, 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 press release does not constitute an offer to sell or the solicitation of an offer to buy
any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which
such offering would be unlawful.
Nothing in this press release should be construed as an offer to purchase, or as a notice to
redeem, any outstanding 9⅝% Senior Notes due 2013.
Cautionary Statement Regarding Forward-Looking Statements: This press release contains
statements that are forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements
contained in this press release, other than statements of historical facts, are forward-looking
statements for purposes of these provisions. These forward-looking statements include the
Companys intended use of proceeds of the sale of the senior notes. The Company may not be able to
complete the tender offer on the anticipated terms or at all. The Companys ability to complete
the tender offer will depend, among other things, on market conditions for debt securities in
general and the Companys debt securities in particular. In addition, the Companys ability to
complete the tender offer and the Companys business are subject to the risks described in the
Companys filings with the Securities and Exchange Commission. The Companys annual, quarterly and
special reports are available over the Internet at the SECs web site at http://www.sec.gov.
About Parker Drilling Company
Parker Drilling Company provides
high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry.
Parker operates 28 land rigs in strategic international markets and 15 offshore barge rigs, primarily in the coastal waters
of the U.S. Gulf of Mexico. The Companys Rental Tools business rents
premium equipment to operators in active land and offshore markets in North America.
Media Contact:
Parker Drilling Company
281-406-2000