Parker Drilling tenders for $125 million 2.125% convertibles due 2012

By Susanna Moon

Chicago, April 11 - Parker Drilling Co. said it began a cash tender offer for its $125 million principal amount of outstanding 2.125% convertible senior notes due 2012.

The company will pay $1,003.27 for each $1,000 principal amount of notes tendered by the offer deadline at midnight ET on May 8.

Holders also will receive accrued interest to but not including the settlement date.

Tendered notes may be withdrawn before the expiration date.

The tender offer is conditioned on the company issuing $125 million of senior notes.

Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) is the dealer manager. D.F. King & Co., Inc. (800 628-8536 or for banks and brokers only 212 269-5550) is the information agent.

Parker Drilling is a Houston-based provider of contract drilling and drilling-related services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.