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Trinidad Drilling gets tenders for $203 million of notes, calls rest
By Susanna Moon
Chicago, Feb. 8 – Trinidad Drilling Ltd. said it took in tenders for $203 million of its $450 million principal amount of outstanding 7 7/8% senior notes due 2019.
“Further to its overall debt refinancing plans,” Trinidad called the remaining 2019 notes left outstanding after the tender for redemption at par plus accrued interest on March 10, according to a company announcement.
As announced Jan. 25, the company was tendering for the notes at a cash purchase price of $1,005 per $1,000 principal amount plus accrued interest to but excluding the settlement date.
The tender offer ended at 9 a.m. ET on Feb. 8.
The tender was 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.
As reported, Trinidad Drilling priced a $350 million issue of eight-year senior notes (Caa1/BB-) at par to yield 6 5/8% on Jan. 27.
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.
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