Pioneer Drilling to raise up to $250 million in senior unsecured notes offering
By APTuesday, February 23, 2010
Pioneer Drilling to offer $250M in senior notes
SAN ANTONIO — Oil drilling rig operator Pioneer Drilling Co. said Tuesday it plans to offer up to $250 million in senior notes in a private placement.
The company will offer the senior unsecured notes due 2018 to qualified institutional buyers.
Pioneer plans to use the net proceeds to pay down some of its revolving credit facility.
Some of Pioneer’s existing and future domestic subsidies will guarantee the notes.
Shares of Pioneer Drilling shed 62 cents, or 8.1 percent, to close at $7.05.
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