Parker Drilling Co. said Friday its offering of $115 million in convertible debt will have an initial conversion rate of about $13.85 per share.
The notes will carry an interest rate of 2.125 percent and convert at 72.2217 shares per $1,000 in principal. At $13.85 per share, that is a premium of 33 percent over the stock's closing price Thursday of $10.45.
The crude oil and natural gas drilling company plans to use the proceeds to repay existing debt and for general corporate purposes.
Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.
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