Precision Drilling Completes US$400 Million Issuance of Senior Notes
06.15.21
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Simpson Thacher represented Precision Drilling Corporation (“Precision”) as product counsel in connection with its issuance of US$400 million aggregate principal amount of 6.875% Senior Notes due 2029. Precision intends to use the net proceeds from the issuance, together with borrowings under its revolving credit facility, to redeem certain of its existing senior notes.
Precision is a leading provider of safe and environmentally responsible services to the energy industry, offering customers access to an extensive fleet of drilling rigs as well as advanced automation software and analytics. Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS.”
The Simpson Thacher team for this transaction included Risë Norman and Tony Rim (Capital Markets); and Jonathan Cantor and Eli Shalam (Tax).