Calgary, Alberta-based Precision Drilling Corp. (TO: PD.TO, NYSE: PDS) offered, in aggregate principal amount, US$400 million of senior unsecured notes, the company said May 28.
The notes, due 2024, were privately offered, the company said.
The proceeds will support general corporate purposes, Precision said, noting that this includes building new rigs.
Additionally, Precision’s revolving credit facility was downsized to US$650 million from US$850 million, the company said. Other terms in the amended credit agreement include an extended maturity for the facility, the company noted. It will now mature on June 3, 2019, Precision added.
Precision Drilling Corp. provides oilfield services worldwide.
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