Parker Drilling Commences Tender Offer for Senior Notes
|Monday, August 09, 2004
Parker Drilling Company (NYSE: PKD) has commenced a cash tender offer for up to $80 million aggregate principal amount of its $235.6 million of 10 1/8% Senior Notes due 2009 (the "10 1/8% Senior Notes") (CUSIP Nos. 701081 AK 7 and 701081 AJ 0).
Under the terms of the tender offer, the total consideration to be paid for each validly tendered 10 1/8% Senior Note will be equal to $1,065.40 per $1,000 principal amount of 10 1/8% Senior Notes, plus accrued and unpaid interest to the date of payment. The total consideration includes an early tender payment of $20 per $1,000 principal amount of 10 1/8% Senior Notes, eligible to be paid only with respect to 10 1/8% Senior Notes that are validly tendered prior to 5:00 p.m., New York City time, on August 19, 2004 (the "Early Tender Date"). Holders who validly tender their 10 1/8% Senior Notes after the Early Tender Date will be eligible to receive the total consideration less the early tender payment of $20, or $1,045.40, per $1,000 principal amount of the 10 1/8% Senior Notes, plus accrued and unpaid interest to the date of payment. The tender offer will expire at 5:00 p.m., New York City time, on September 2, 2004, unless extended or earlier terminated.
If 10 1/8% Senior Notes having an aggregate principal amount in excess of $80 million are tendered, the Company will purchase $80 million aggregate principal amount from tendering holders on a pro rata basis.
Lehman Brothers Inc. will act as Dealer Manager for the tender offer. The Tender Agent is D.F. King & Co., Inc. Persons with questions regarding the tender offer should contact Lehman Brothers Inc., Attention: Liability Management Group at 800-438-3242 or 212-528-7581, and copies of the tender offer materials may be obtained from the Tender Agent at 800-859-8511 or 212-269-5550.