Precision Drilling Corporation completes US$400 million Senior Notes Offering

On June 3, 2014, Precision Drilling Corporation (“Precision”), a leading provider of safe and high performance, high value services to the oil and gas industry, announced the closing of its previously-announced private offering of US$400,000,000 aggregate principal amount of 5.250% Senior Notes due 2024 (the “Notes”).  The Notes are guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries of Precision that also guarantee Precision’s revolving credit facility and certain other future indebtedness.   

Precision expects to use the net proceeds from the offering for general corporate purposes, including building new rigs.

The Norton Rose Fulbright team advised Precision on the Canadian aspects of the Notes offering.  The team was led by Rick Borden and Marcus Archer and included Kathleen Cowick and Dion Legge.