Parker Drilling makes $35 million prepayment on second-lien term loan

By Wendy Van Sickle

Columbus, Ohio, Sept. 20 – Parker Drilling Co. voluntarily prepaid $35 million plus $1,023,750 of interest on its second lien term loan, according to a Friday press release.

The prepayment reduced the company’s long-term debt to $176 million from $211.1 million as of June 30.

The debt prepayment was funded with excess cash on hand.

The company said it is committed to maintaining a strong liquidity position, which also consists of an undrawn $50 million revolving credit facility.

Parker Drilling is a Houston-based provider of drilling services and rental tools to the energy industry.

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