Pioneer Drilling gets loan waiver, extending financial delivery deadline

By Sara Rosenberg

New York, June 11 - Pioneer Drilling Co. entered into a waiver with it credit facility lenders on Wednesday extending the deadline to deliver certain certified financial statements until Aug. 13, according to an 8-K filed with the Securities and Exchange Commission.

Under the waiver, until the financials are delivered, the company cannot have more than $350 million outstanding under the facility and pricing will increase to Libor plus 250 basis points from Libor plus 225 bps.

Wells Fargo is the administrative agent on the deal.

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

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