Parker Drilling calls $25 million 5.5% convertibles

New York, April 7 - Parker Drilling Co. said it will redeem $25 million of its 5.5% convertible subordinated notes due 2004 on May 6.

The Houston offshore drilling company will pay 100.786% of par.

Funding for the redemption will come from $27 million of insurance proceeds received to settle a claim from a September 2003 incident on jack-up rig 14.

Parker said it has already used part of the proceeds to buy back the convertibles in the open market.

So far this year the company has retired $20.9 million of debt, including $15.8 million of the convertibles and $5.1 million of a secured promissory note with Boeing Capital Corp.

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