Precision Drilling to early redeem $549 million of notes due 2023, 2024

By William Gullotti

Buffalo, N.Y., June 1 – Precision Drilling Corp. announced the conditional early redemption of all of its $286 million outstanding 7¾% senior notes due 2023 and all of the $263 million outstanding 5¼% senior notes due 2024 on June 16, according to a news release.

The redemptions are conditioned upon the completion of a new notes offering.

Financing for the redemptions will come from the new notes and a draw on the company’s revolving credit facility.

The 2023 notes will be redeemed at 101.938, and outstanding 2024 notes will be redeemed at 100.875. The company will also pay accrued interest to the redemption date.

Precision Drilling is a Calgary, Alta., provider of services to the oil and gas industry, including contract drilling rigs, directional drilling services, well service and snubbing rigs, camps, rental equipment and wastewater treatment units.

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