Key Energy to repay revolver borrowings with asset sale proceeds

By Caroline Salls

Pittsburgh, Dec. 8 - Key Energy Services Inc. said it will repay borrowings under its revolving credit facility using proceeds from its sale of the assets of its U.S. land drilling operations.

There is currently $48 million outstanding under the revolver.

Proceeds from the sale will also be used for working capital purposes.

Key Energy Services is a Midland, Texas, rig-based onshore well service company.

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