Pioneer Energy Services tenders for up to $300 million 9 7/8% notes

By Jennifer Chiou

New York, March 4 - Pioneer Energy Services Corp. announced the start of its cash tender offer for up to $300 million of its $425 million of outstanding 9 7/8% senior notes due 2018. When initially announced, the offer was for up to $250 million of the notes.

For each $1,000 principal amount, the company will pay $1,055.08, including a $30.00 early tender premium for those who tender prior to 5 p.m. ET on March 17.

Pioneer said it will also pay accrued interest.

The offer will end at midnight ET on March 31.

The withdrawal deadline coincides with the early deadline.

Pioneer plans to fund the offer with proceeds from its concurrent offering of $300 million of new senior notes along with available cash and borrowings under its senior secured revolving credit facility.

BofA Merrill Lynch is the dealer manager (888 292-0070 or call collect 980 387-3907). D.F. King & Co., Inc. is the information agent (800 829-6551 or call collect 212 269-5550).

The issuer is a San Antonio-based drilling services company.

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