Parker Drilling to refinance floating-rate notes

By Susanna Moon

Chicago, June 28 - Parker Drilling Co. said it would redeem all of its outstanding senior floating-rate notes due 2010.

Parker will fund the redemption with a $115 million offering of convertible notes due 2012, with a greenshoe for an additional $10 million.

On Aug. 10, 2006 Parker issued a redemption notice for $50 million of its $150 million outstanding notes due 2010 in an 8-K filing with the Securities and Exchange Commission.

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

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

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