BoA, Deutsche Bank Arrange $50MM Revolver for Parker Drilling

Parker Drilling has completed its financial restructuring and emerged from Chapter 11 protection. According to the 8-K filing, Bank of America served as administrative agent and joint lead arranger and joint bookrunner along with Deutsche Bank on an initial $50 million revolver.

Alvarez & Marsal Advise Parker Drilling on Reorganization Plan

The U.S. Bankruptcy Court confirmed the amended joint Chapter 11 plan of reorganization of Parker Drilling and its debtor affiliates. Alvarez & Marsal will serve as the company’s financial advisor during the bankruptcy process.

BofA, Deutsche Bank Provide $50MM DIP Facility to Parker Drilling

Parker Drilling voluntarily filed for Chapter 11 in order to facilitate its restructuring support agreement. Bank of America and Deutsche Bank agreed to provide $50 million in DIP financing to facilitate the restructuring.

Parker Drilling Downsizes Facility

Parker Drilling amended its secured credit agreement with its lenders and reduced its commitments to $100 million from $200 million.

Merrill Lynch, Wells Arrange Parker Drilling Revolver

Parker Drilling closed a senior secured $200 million revolver. The facility was arranged by Merrill Lynch and Wells Fargo Securities, who acted as joint lead arrangers and joint bookrunners.