Parker Drilling gets $125 million term loan to finance acquisition

By Susanna Moon

Chicago, April 23 - Parker Drilling Co. closed a $125 million unsecured term loan to fund its acquisition of International Tubular Services Ltd., according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the loan agreement with Goldman Sachs Bank USA as administrative agent, syndication agent, lead arranger and lead bookrunner.

Interest on the loans is 6.5% to June 30, 7.5% to April 15, 2014 and 8.5% after that.

The term loan was fully funded on April 18.

The agreement contains provisions requiring the mandatory prepayment of the term loans in some circumstances.

Parker Drilling is a Houston-based provider of contract drilling and drilling-related services.

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