Parker Drilling to Raise $300MM through Private Offering

Parker Drilling announced that it intends, subject to market and other conditions, to raise a total of approximately $300 million gross proceeds through a private offering of senior notes with an expected 8-year maturity. The Company anticipates that the senior notes will be unsecured and guaranteed by substantially all of its direct and indirect domestic subsidiaries other than immaterial subsidiaries and subsidiaries generating revenue primarily outside the United States. The offering of the senior notes will be made within the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 and outside the United States only to non-U.S. persons in reliance on Regulation S under the Securities Act.

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 repayment of borrowings under its revolving credit facility.