Parker Drilling calls $50 million floating-rate notes

By Laura Lutz

Des Moines, Aug. 10 - Parker Drilling Co. issued a redemption notice for $50 million of its $150 million outstanding senior floating-rate notes due 2010, according to an 8-K filing with the Securities and Exchange Commission.

The company will redeem the notes for 102% of the principal amount, plus accrued interest, on Sept. 8.

The company will fund the redemption with proceeds from the previously announced sale of its Nigerian drilling rigs and their related assets and with cash on hand.

Parker Drilling is a Houston-based off-shore drilling services company.

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