Frontier Drilling to launch new credit facility Wednesday

By Sara Rosenberg

New York, May 22 - Frontier Drilling is scheduled to hold a bank meeting on Wednesday to launch a new credit facility, according to a market source.

Morgan Stanley and Lehman are the lead banks on the deal, with Morgan Stanley the left lead.

Details on the structure of the facility and the use of proceeds are expected to emerge on Tuesday, the source added.

Frontier Drilling is a Bergen, Norway, independent test and early production and drilling contractor.

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