Pacific Drilling S.A. announced the pricing of its private placement of $300 million in aggregate principal amount of 8.25% senior unsecured U.S. dollar denominated notes due in 2015 to eligible purchasers. The notes mature on February 20, 2015, and will be issued at par. The offering is expected to close on February 20, 2012, subject to customary closing conditions. The net proceeds from the notes shall be employed for company growth, working capital and general corporate requirements.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Pacific Drilling plans to offer and sell the notes only to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act and to qualified institutional investors (or QIBs) as defined in Rule 144A of the Securities Act.
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