Precision Drilling repays C$175 million 10% note to Alberta Investment

By Toni Weeks

San Diego, Feb. 23 - Precision Drilling Corp. said it has fully repaid the 10% senior unsecured note issued to Alberta Investment Management Corp., according to a company news release.

The repayment of approximately C$204 million included C$175 million in principal, accrued interest and a make-whole amount and was completed using Precision's cash on hand and borrowings from its credit facility.

Precision said the accrued interest and make-whole premium will be a charge to its earnings in the first quarter of 2011.

Headquartered in Calgary, Alta., Precision provides equipment and energy services to the North American oil and gas industry.

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