Pioneer Drilling seeks loan waiver to extend financial delivery deadline

By Sara Rosenberg

New York, June 5 - Pioneer Drilling Co. is currently negotiating a waiver with its credit facility lenders to extend the delivery deadline for certified financial statements to Aug. 13 from May 30, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Under the terms of the waiver, as negotiated to date, until the company provides the financials, the total amount outstanding under the facility can't exceed $350 million and pricing would increase to Libor plus 250 basis points from Libor plus 225 bps.

In addition, the company would have to pay lenders a 20 bps amendment fee.

Wells Fargo Bank is the administrative agent on the deal.

Pioneer Drilling is a San Antonio, Texas-based provider of contract land drilling services to oil and natural gas exploration and production companies.

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