Sidewinder talks $225 million seven-year notes to yield 9½%-9¾%

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 23 - Sidewinder Drilling Inc. is set to price a $225 million seven-year issue of senior notes (B3/B-) to yield 9½% to 9¾%, a market source said.

The issue is expected to price on Tuesday following the closing of the books at noon ET.

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

The Rule 144A and Regulation S for life are non-callable for four years.

Proceeds will be used to fund the acquisition of Union Drilling, Inc.

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

© 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.