Parker Drilling Co. has priced its public offering of $115 million in convertible senior notes due 2012 at $13.85 per share.
The Houston-based offshore drilling company said the sale will close July 5. The notes will pay interest semiannually at a rate of about 2.13 percent per year; were priced at 100 percent; and have an initial conversion rate of 72.2 shares of common stock per $1,000 principal amount of notes.
Parker will grant underwriters the option to purchase up to an additional $10 million notes to cover over-allotments.
Parker (NYSE: PKD - News) said it will use the sale proceeds to redeem all of its outstanding senior floating rate notes due 2010 and for general corporate purposes, as well as to pay the net cost of convertible note hedge and warrant transactions.
The sole book-running manager for this offering will be Banc of America Securities LLC. Deutsche Bank Securities and Lehman Brothers will act as co-managers.
Published June 28, 2007 by the Houston Business Journal
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