Simpson Thacher Represents Precision Drilling Corporation in $400 Million Offering of Senior Notes
07.29.11
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The Firm represented Precision Drilling Corporation (“Precision”) in connection with its Rule 144A and Regulation S offering of $400 million aggregate principal amount of 6.50% Senior Notes due 2021. The deal was upsized from an original amount of $300 million.
Precision intends to use the net proceeds from the notes offering to fund its capital expenditure program, including its 2011 new build program, and 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 Louie Pastor (Capital Markets), Jonathan Cantor and Chang Won Choi (Tax), Timothy Mulvihill and Noreen Lavan (Environmental), and Gregory Grogan and David Schneider (Executive Compensation and Employee Benefits). Summer associate Jonathan Stradling also provided invaluable assistance.