Allis-Chalmers Closes Private Offering of 8.5% Notes



Allis-Chalmers Energy Inc. said that it has closed its previously announced private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, of $250 million of its 8.5% Senior Notes due 2017.

Allis-Chalmers plans to use the net proceeds of the offering to repay a portion of the debt outstanding under its $300 million bridge loan facility, which was incurred to finance Allis-Chalmers' recent acquisition of substantially all the assets of Oil & Gas Rental Services, Inc.

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