Parker Drilling Co. plans to offer $115 million in convertible senior notes due 2012 in a public offering.
The Houston-based offshore drilling company said it will grant underwriters the option to purchase up to an additional $10 million notes to cover over-allotments.
Parker 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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