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Merrill Lynch, Wells Fargo Securities Arrange $200MM Facility for Parker Drilling

January 29, 2015, 07:48 AM
Filed Under: Energy Services

Parker Drilling Company announced the closing of a senior secured $200 million revolving credit facility, maturing in 2020.  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.

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.

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.

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