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Parker Drilling Company Announces Closing Of Sale Of $225 Million Of Senior Notes Due 2020

HOUSTON, July 30, 2013 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD), a drilling services and rental tools provider, announced today that it has closed its previously announced sale of $225 million aggregate principal amount of 7.500% senior notes due 2020 in a private offering. The notes are unsecured and guaranteed (a) initially, by each of the Company's current restricted subsidiaries that guarantee any indebtedness under its senior secured credit facility or its 9 1/8% Senior Notes due 2018 and (b) thereafter, by each of its other restricted subsidiaries that is not already a guarantor that guarantees or otherwise becomes liable with respect to any of the Company's indebtedness or the indebtedness of any other guarantor. The notes will mature on August 1, 2020.


The Company intends to use the net proceeds from the offering (i) to repay in full the outstanding indebtedness and other amounts owing under its $125 million five-year term loan with Goldman Sachs Bank USA undertaken to fund the April 22, 2013 acquisition of International Tubular Services Limited and certain of its affiliates, (ii) to repay in full the indebtedness outstanding under its senior secured term loan facility (as recently amended to provide for additional future borrowings through April 30, 2014) and (iii) for general corporate purposes.

The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any notes nor shall there be any sale of notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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