Xtreme Drilling marketing $170 million five-year notes at 8¾% to 9¼%

By Paul A. Harris

Portland, Ore., June 27 - Xtreme Drilling and Coil Services Corp. is marketing a $170 million offering of five-year first-lien notes with guidance of 8¾% to 9¼%, according to market sources.

The deal is being privately placed with institutional investors by Pareto Securities and could price before the end of the present week.

The notes come with two years of call protection.

Proceeds will be used to repay bank debt.

The Calgary, Alta.-based company provides drilling and coiled tubing services to oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States and Saudi Arabia.

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