Grey Wolf to redeem 8 7/8% notes

New York, March 25 - Grey Wolf Inc. said it will redeem its outstanding 8 7/8% senior notes due 2007 with proceeds from its offering of $100 million floating-rate contingent convertible senior notes.

Remaining proceeds will be used for general corporate purposes.

The Houston provider of contract oil and gas land drilling services has $85 million of the 8 7/8% notes outstanding, according to its most recent 10-K filing with the Securities and Exchange Commission.

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