Merrill Lynch, Wells Arrange Parker Drilling Revolver
Parker Drilling Company announced the closing of a senior secured $200 million revolving credit facility, maturing in 2020. Terms include the ability to increase the facility by up to $75 million, subject to the agreement of existing or new lenders. The five-year facility amends and extends the company’s existing credit facility, comprised of an $80 million revolving facility, which was undrawn except for letters of credit, and a $30 million term loan, maturing in December 2017. The term loan was repaid with borrowings under the amended facility and all outstanding letters of credit have been continued under the amended facility.
The facility was arranged by Merrill Lynch, Pierce, Fenner & Smith and Wells Fargo Securities, who acted as joint lead arrangers and joint bookrunners. Nine financial institutions currently participate in the facility.
“The new facility significantly increases our liquidity and financial flexibility and supports our ability to provide innovative, reliable and efficient solutions to our customers,” said Gary Rich, chairman, president and CEO. “The credit facility is available for general corporate purposes and to support letters of credit.”
Parker Drilling provides contract drilling and drilling-related services and rental tools to the energy industry.