Pioneer Drilling pays down $10 million of revolver with tax proceeds

By Sara Rosenberg

New York, May 6 - Pioneer Drilling Co. Inc. repaid $10 million of its revolving credit facility debt in April using proceeds from a $40.6 million tax refund, according to a news release.

At April 23, the company had $12.8 million outstanding under the revolver and $9.2 million in committed letters of credit, leaving borrowing availability of $203 million.

The April paydown came on the heels of a repayment in March, at which time all of the proceeds from a $250 million senior notes offering were used to repay the majority of the outstanding balance under the revolver.

Pioneer Drilling is a San Antonio, Texas-based provider of contract land drilling services to independent and major oil and gas operators.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.