Simpson Thacher Represents Precision Drilling Corporation in $650 Million Offering of Senior Notes
11.23.10
This is only gets display when printing
The Firm represented Precision Drilling Corporation (“Precision”) in connection with its Rule 144A and Regulation S offering of $650 million aggregate principal amount of 6.625% Senior Notes due 2020. The deal was upsized from an original amount of $550 million. Concurrently with the closing of the offering, Precision entered into a new senior secured revolving credit facility.
Precision used a portion of the net proceeds from the offering to repay in full outstanding indebtedness under its existing credit facilities. Precision intends to use the remaining proceeds for general corporate purposes.
Precision, based in Calgary, Alberta, is a leading independent North American provider of oil and natural gas drilling and drilling-related services and products.
The Simpson Thacher team for this transaction included: Risë Norman, Jonathan Ozner and Gian-Andrea Caprez (Capital Markets), Jonathan Cantor and Chang Won Choi (Tax), Timothy Mulvihill and Noreen Lavan (Environmental), and Gregory Grogan and Wonda Quinn (Executive Compensation and Employee Benefits). Paralegal Yacoba Annobil also provided invaluable assistance.