Trinidad Drilling tenders for $450 million of 7 7/8% notes due 2019

By Susanna Moon

Chicago, Jan. 25 – Trinidad Drilling Ltd. began a cash tender offer for its $450 million principal amount of outstanding 7 7/8% senior notes due 2019.

The cash purchase price will be $1,005 per $1,000 principal amount plus accrued interest to but excluding the settlement date, according to a company announcement.

The tender offer will remain open until 9 a.m. ET on Feb. 8.

The tender is contingent upon the closing of one or more capital markets transactions with enough proceeds, along with revolver drawdowns and cash on hand, to fund the notes purchase.

Trinidad Drilling began a roadshow on Wednesday in Toronto for a $350 million offering of seven-year senior notes, as reported by Prospect News.

The offer is not conditioned on any minimum amount of notes being tendered.

RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) is the dealer manager. Global Bondholder Services Corp. (866 470-4300 or 212 430-3774) is the information agent and tender agent.

Trinidad is a Calgary, Alta.-based oilfield services company.

© 2015 Prospect News.
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