Simpson Thacher Representing Arrangers in $1.6 Billion Financing for Acquisition of Grey Wolf by Precision Drilling
08.26.08
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Simpson Thacher is representing Royal Bank of Canada, Deutsche Bank, HSBC Bank and Toronto-Dominion Bank, as arrangers of $1.6 billion of financing in connection with the acquisition of Grey Wolf, Inc. by Precision Drilling Trust. The financing package consists of an $800 million term loan facility, a $400 million revolving credit facility and $400 million in senior notes or senior unsecured bridge loans. Proceeds of the financing will be used to finance the cash portion of the merger consideration and to repay existing indebtedness. Precision Drilling Trust, headquartered in Calgary, Alberta, Canada, is a leading provider of energy services to the North American oil and gas industry. Grey Wolf, Inc., headquartered in Houston, Texas, is a leading provider of turnkey and contract oil and gas land drilling services in the United States.
The Simpson Thacher team for this transaction includes Jay Ptashek and Joshua Koenig (Banking and Credit), Ken Wallach and Carol Daniel (Capital Markets), Jeff Graff (Tax), Greg Grogan and Joseph Tobin (Benefits) and Tim Mulvihill and Noreen Lavan (Environmental).