Parker Drilling gets enough consents to amend 9 1/8% notes

By Angela McDaniels

Tacoma, Wash., Jan. 22 - Parker Drilling Co. had received enough consents as of 5 p.m. ET on Jan. 21 to effect the proposed amendments to its 9 1/8% senior notes due 2018, according to a company news release.

A tender offer and consent solicitation for the notes began Jan. 7, and Jan. 21 was the early deadline.

The amendment eliminates most of the covenants and some default provisions in the indenture governing the notes.

Consents were needed from the holders of a majority of the outstanding principal amount of notes in order to make the amendment. Holders who tender their notes are deemed to have consented to the amendment.

The company said it accepted for purchase $416,199,000 principal amount, or 97.9%, of the outstanding notes. The settlement date for these notes was expected to be Jan. 22.

The purchase price is $1,061.98 for each $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date. This payment includes a consent payment of $30.00 for each note tendered by the early deadline.

The tender offer will continue until 11:59 p.m. ET on Feb. 4. The settlement date for notes tendered after the early deadline but prior to the final deadline is expected to be Feb. 5.

BofA Merrill Lynch (888 292-0070 or 980 387-3907) is the dealer manager. D.F. King & Co., Inc. (212 269-5550 for banks and brokers only or 800 628-8536) is the information agent.

Parker Drilling is a Houston-based provider of contract drilling and drilling-related services.

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