HOUSTON, Feb. 21, 2017 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) ("Parker
Drilling" or the "Company") today announced that it is
commencing a registered public offering of 12,000,000 shares of its
common stock. The Company also expects to grant the underwriter a
30-day option to purchase up to an additional 1,800,000 shares of
common stock.
In addition, the Company announced that it is commencing a
registered public offering of approximately $50 million of its Series A Mandatory Convertible
Preferred Stock with a liquidation preference of $100 per share (the "Preferred Stock"). The
Company also expects to grant the underwriter a 30-day option to
purchase up to approximately $7.5
million of additional shares of Preferred Stock.
The Company expects to use the net proceeds from the offerings
for general corporate purposes, including, without limitation,
working capital, capital expenditures, acquisitions or the
repayment, redemption or refinancing of a portion of its
indebtedness.
Barclays is acting as sole bookrunner for the offerings.
These offerings are separate public offerings made by means of
separate prospectus supplements pursuant to an effective shelf
registration statement on Form S-3 (Registration No. 333-197977)
filed with the Securities and Exchange Commission ("SEC"). The
offerings are not contingent upon each other. Each offering may be
made only by means of a prospectus supplement and the accompanying
prospectus, copies of which may be obtained by sending a request to
Barclays Capital Inc., Attn: Prospectus Department, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888)
603-5847, or by email at barclaysprospectus@broadridge.com.
Alternatively, copies of these documents may be obtained by
visiting EDGAR on the SEC website at www.sec.gov.
This news release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities, in any state
or jurisdiction in which such offer, solicitation or sale of these
securities would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
Parker Drilling provides drilling
services and rental tools to the energy industry. The Company's
Drilling Services business serves operators in the inland waters of
the U.S. Gulf of Mexico utilizing
Parker Drilling'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 Services business supplies premium equipment
and well services to operators on land and offshore in the U.S. and
international markets.
Statements in this news release that are not historical facts,
including but not limited to those relating to the public
offerings, the uses of proceeds from the public offerings and other
matters relating to the public offerings, and other statements that
are not historical facts are forward-looking statements that are
based on current expectations. Although the Company believes that
its expectations are based on reasonable assumptions, it can give
no assurance that these expectations will prove correct. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include results of
operations, market conditions, capital needs and uses and other
risks and uncertainties that are beyond the Company's control,
including those described in the prospectus and prospectus
supplements, the Company's Annual Report on Form 10-K for the year
ended December 31, 2016 and its other
filings with the SEC. Any forward-looking statement speaks only as
of the date on which such statement is made and the Company
undertakes no obligation to correct or update forward-looking
information.
CONTACT: Jason Geach, Vice
President, Investor Relations & Corporate Development, (+1)
(281) 406-2310, jason.geach@parkerdrilling.com.
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SOURCE Parker Drilling Company