Pioneer Drilling Offers Senior Unsecured Notes
In a private offering today, Pioneer Drilling (Amex:PDC) announced it has priced $250 million of senior unsecured notes, with an annual interest rate of 9.875 percent, which will be due 2018.
After commissions and fees, Pioneer will have about $234.8 million at its disposal to use, which the company says will be for the primary purpose of paying down part of their senior secured revolving credit facility.
The notes are offered to institutional buyers in the U.S. or abroad, with U.S. buyers in reliance on Rule 144A under the Securities Act of 1933, and foreign buyers in reliance on Regulation S under the Securities Act.
The deal should close on March 11, 2010.
Pioneer Drilling Offers Senior Unsecured Notes
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