Parker Drilling holders tender $96.3 million of 9 5/8% notes so far

By Susanna Moon

Chicago, March 22 - Parker Drilling Co. said investors tendered $96.3 million principal amount of its 9 5/8% senior notes due 2013 as of 5 p.m. ET on March 19, the consent deadline.

Parker Drilling sought consents to amend the notes to eliminate some restrictive covenants, affording the company additional financial and operational flexibility, according to a previous press release.

The total payment will be $1,034.58 per $1,000 principal amount, including a $30.00 premium, for notes tendered by the consent date.

The company also will pay accrued interest.

The tender offer may have an early settlement option, and holders who tender notes by the consent date could receive payment as early as March 22, Parker Drilling previously said.

The tender offer for the $225 million outstanding principal amount of 9 5/8% notes will expire at 11:59 p.m. ET on April 2. It began on March 8.

Holders who tender their notes are required to consent to the proposed amendments, and holders may not deliver consents without tendering their notes.

The tender offer is conditioned upon the completion of some related financing.

Bank of America Merrill Lynch (888 292-0070 or collect 980 388-4603) is the dealer manager for the tender offer and the solicitation agent for the consent solicitation. D.F. King & Co., Inc. (800 848-2998 or collect 212 269-5550) is the information agent.

Parker Drilling is a Houston-based provider of contract drilling and drilling-related services.

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