HOUSTON, Jan. 28, 2015 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) announced today the closing of a senior secured
$200 million revolving credit
facility, maturing in 2020. Terms include the ability to
increase the facility by up to $75
million, subject to the agreement of existing or new
lenders. The 5-year facility amends and extends the company's
existing credit facility, comprised of an $80 million revolving facility, which was undrawn
except for letters of credit, and a $30
million term loan, maturing in December, 2017. The term loan
was repaid with borrowings under the amended facility and all
outstanding letters of credit have been continued under the amended
facility.
"The new facility significantly increases our liquidity and
financial flexibility and supports our ability to provide
innovative, reliable and efficient solutions to our customers,"
said Gary Rich, chairman, president
and CEO. The credit facility is available for general
corporate purposes and to support letters of credit. The facility
was arranged by Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Wells Fargo Securities, LLC, who acted as Joint
Lead Arrangers and Joint Bookrunners. Nine financial
institutions currently participate in the facility.
Cautionary Statement
This press release contains
certain statements that may be deemed to be "forward-looking
statements" within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934. All statements in this press
release other than statements of historical facts that address
activities, events or developments that the Company expects,
projects, believes, or anticipates will or may occur in the future
are forward-looking statements. These statements are based on
certain assumptions made by the Company based on management's
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Although the Company believes that its expectations
stated in this press release are based on reasonable assumptions,
such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
that could cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These
include risks relating to changes in worldwide economic and
business conditions, fluctuations in oil and natural gas prices,
compliance with existing laws and changes in laws or government
regulations, the failure to realize the benefits of, and other
risks relating to, acquisitions, the risk of cost overruns, our
ability to refinance our debt and other important factors, many of
which could adversely affect market conditions, demand for our
services, and costs, and all or any one of which could cause actual
results to differ materially from those projected. For more
information, see "Risk Factors" in the Company's Annual Report
filed on Form 10-K with the Securities and Exchange Commission and
other public filings and press releases. Each forward-looking
statement speaks only as of the date of this press release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
About Parker Drilling
Parker Drilling provides contract
drilling and drilling-related services and rental tools to the
energy industry. The Company's drilling business serves
operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker's barge rig
fleet and in select U.S. and international markets and
harsh-environment regions utilizing Parker-owned and customer-owned
equipment. The Company's rental tools business supplies
premium equipment and well services to operators on land and
offshore in the U.S. and international markets. More
information about Parker Drilling
can be found on the Company's website at
http://www.parkerdrilling.com.
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SOURCE Parker Drilling Company