Sidewinder Drilling plans to sell $225 million seven-year notes

By Paul A. Harris

Portland, Ore., Oct. 15 - Sidewinder Drilling Inc. plans to price a $225 million offering of seven-year senior notes in the early to middle part of the Oct. 22 week, according to an informed source.

Jefferies & Co. is the bookrunner. PNC Capital Markets LLC and Friedman Billings Ramsey are the co-managers.

The Rule 144A and Regulation S for life notes come with four years of call protection.

Proceeds will be used to fund the acquisition of Union Drilling, Inc., a Fort Worth, Texas-based land drilling services and equipment contractor.

Sidewinder is a Houston-based land drilling company controlled by Avista Capital Partners.

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