Pioneer Energy Services Corp . (NYSE: PES) said March 4 it will offer up to $250 million, in aggregate principal amount, of its senior notes due 2022.
Net proceeds will fund part of the company’s previously announced cash tender offer for up to $250 million outstanding 9.78% senior notes due 2018, Pioneer said. Proceeds will also pay related premiums, fees and expenses, the company added.
Pioneer will redeem any untendered notes, the company said.
Pioneer Energy Services Corp., based in San Antonio, Texas, provides land contract drilling and production services to oil and natural gas E&P companies.