Ensign Drilling expected to price $700 million five-year notes during April 1 week

By Paul A. Harris

Portland, Ore., April 1 – Ensign Drilling Inc. is expected to price a $700 million offering of five-year senior notes during the April 1 week, according to a syndicate source.

An investor call was scheduled to get underway at 12:30 p.m. ET on Monday.

BMO Capital Markets Corp. is the left physical bookrunner. J.P. Morgan Securities LLC is the joint physical bookrunner. Scotia Capital is the joint bookrunner. AltaCorp, HSBC and TD Securities are the co-managers.

The deal is coming in the Rule 144A and Regulation S formats, and as a private placement in Canada.

The notes become callable after two years at par plus 50% of the coupon, feature a 35% equity clawback at par plus the coupon during the non-call period and a 101% poison put.

The Calgary-based oilfield services provider plans to use the proceeds to repay debt.

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