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Parker Drilling tenders for $80 million of 10 1/8% notes
New York, Aug. 6 - Parker Drilling Co. said it has begun a cash tender offer for up to $80 million principal amount of its $235.6 million 10 1/8% senior notes due 2009.
The Houston offshore drilling company will pay $1,065.40 per $1,000 principal amount for the notes plus accrued interest.
That total includes an early tender payment of $20 per $1,000 principal amount that will only be paid to holders who tender by 5 p.m. ET on Aug. 19.
Holders who tender after that date but before the expiration of 5 p.m. ET on Sept. 2 will receive $1,045.40 per $1,000 principal amount plus accrued interest.
If the tender is oversubscribed, Parker will buy $80 million on a pro rata basis.
Lehman Brothers Inc. is dealer manager (contact Liability Management Group at 800 438-3242 or 212 528-7581). The tender agent is D.F. King & Co. Inc. (800 859-8511 or 212-269-5550).
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