Pioneer Energy Services Corp. (NYSE: PES) closed its previously announced offering of $300 million, in aggregate principal amount, of 6.125% senior notes due 2022, the company said March 18.
Net proceeds will fund a portion of a previously announced cash tender offer for its outstanding 9.78% senior notes due 2018, Pioneer Energy Services said. Net proceeds not used will redeem up to $300 million of existing notes not tendered in the offer, the company added.
Early results of this tender offer were detailed, the company said, noting that about $99,472,000 of the existing notes was tendered by March 17.
The tender offer is scheduled to close March 31, Pioneer Energy Services said.
BofA Merrill Lynch was the tender offer’s dealer manager, and D.F. King & Co. Inc. was the tender offer’s information agent and tender agent, the company said.
Pioneer Energy Services Corp., based in San Antonio, Texas, provides land contract drilling and production services to oil and natural gas exploration and production (E&P) companies.