Sidewinder Drilling plans new debt for purchase of Union Drilling

By Sara Rosenberg

New York, Sept. 25 - Sidewinder Drilling Inc. received a debt financing commitment from Jefferies to help fund its acquisition of Union Drilling Inc., according to a news release.

Under the agreement, Union Drilling is being bought for $6.50 per share, or about $242 million.

Closing is expected in the fourth quarter, subject to at least 67.2% of Union Drilling's shares being tendered and the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Sidewinder is a Houston-based land drilling company controlled by Avista Capital Partners. Union Drilling is a Fort Worth, Texas-based land drilling services and equipment contractor.

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