Precision Drilling Corp., Calgary, (Toronto: PDS) has completed its reorganization into an income trust, consisting of its Canadian contract drilling, service rig, snubbing, rentals and related services businesses. Per Precision share, the company has issued one trust unit; a pro rata share of the 26 million common shares of Weatherford International Ltd. recently received by Precision; and a pro rata share of up to C$850 million of cash. Precision also plans to redeem its debt, including C$200 million 6.85% Series 1 debentures, C$150 million 7.65% Series 2 and US$300 million 5.63%. The board studied various alternatives to maximize shareholder value. The decision to form a trust was based on a recommendation of a special committee and FirstEnergy Capital Corp.
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