Parker Drilling says tender oversubscribed for $80 million of 10 1/8% notes

New York, Aug. 19 - Parker Drilling Co. said its tender offer for up to $80 million principal amount of its $235.6 million 10 1/8% senior notes due 2009 is oversubscribed.

By 5 p.m. ET on Aug. 19, holders had tendered $137.7 million principal amount of the notes.

Parker said that as previously announced it will buy $80 million of the notes on a pro rata basis.

Parker Drilling said on Aug. 6 it had begun a cash tender offer for up to $80 million principal amount of the 10 1/8% notes.

The Houston offshore drilling company will pay $1,065.40 per $1,000 principal amount for the notes plus accrued interest.

That total includes an early tender payment of $20 per $1,000 principal amount that will only be paid to holders who tender by 5 p.m. ET on Aug. 19.

Holders who tender after that date but before the expiration of 5 p.m. ET on Sept. 2 will receive $1,045.40 per $1,000 principal amount plus accrued interest.

If the tender is oversubscribed, Parker will buy $80 million on a pro rata basis.

Lehman Brothers Inc. is dealer manager (contact Liability Management Group at 800 438-3242 or 212 528-7581). The tender agent is D.F. King & Co. Inc. (800 859-8511 or 212-269-5550).

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