Ensign Drilling plans senior loan paydown with $700 million note issue

By Robert S. Johnson

Princeton, N.J., April 1 – Ensign Drilling Inc. plans to pay down all outstanding loans under its senior loan facility, using proceeds from a new bond issue.

Ensign plans to offer $700 million principal amount of senior notes due 2024 in the April 1 week.

The notes will be fully and unconditionally guaranteed by Ensign and all of Ensign's existing and future restricted subsidiaries, other than Ensign Drilling, that are borrowers or guarantors under Ensign's existing revolving credit facility.

Ensign Drilling is a Calgary, Alta.-based oil field services provider. The company is a subsidiary of Ensign Energy Services Inc.

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