Parker Drilling has agreed to sell 9 1/8% senior notes due 2018 in a previously announced private offering resulting in gross proceeds of $300 million. The senior notes will bear interest at a rate of 9 1/8% per annum and will mature on April 1, 2018.
The Company intends to use the net proceeds of the offering of the senior notes to fund a cash tender offer and consent solicitation for all of the $225.0 million outstanding principal amount of the Company's 9 5/8% senior notes due 2013 and for general corporate purposes, which may include the redemption of any of the Company's 9 5/8% senior notes due 2013 not tendered in the tender offer and consent solicitation and the repayment of up to $42.0 million of borrowings under its revolving credit facility.
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