Precision Drilling to repay some bridge loan debt, convertibles

By Sara Rosenberg

New York, Feb. 9 - Precision Drilling Trust plans to reduce borrowings under its bridge loan and outstanding convertible notes using proceeds from the sale of senior notes and trust units, according to a news release.

The private placement senior note offering is for $250 million, and the new issue of trust units is expected to generate gross proceeds of about $150 million.

Precision Drilling is a Calgary, Alta.-based provider of energy services to the oil and gas industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.