Tuscany International Drilling withdraws $200 million notes offering

By Paul A. Harris

Portland, Ore., Dec. 4 - Tuscany International Drilling Inc. has withdrawn its $200 million offering of senior notes (/B/B+) due to current market conditions, according to the company's Tuesday press release.

"While Tuscany had hoped to opportunistically access the debt capital markets to refinance its existing credit facilities, market indicators suggested the anticipated size of the offering and its associated cost of capital would not be in the best interests of Tuscany's shareholders," the release stated.

"The terms of Tuscany's existing credit facilities remain appropriate for the company's present operations and Tuscany will remain disciplined in the consideration of any refinancing alternatives that may arise in the future."

The deal came into the market in mid-November, led by Credit Suisse and Scotia Capital.

The Calgary, Alta.-based oilfield services provider plans to use the proceeds, together with funds drawn from an amended and upsized revolver, to repay term loans under its credit agreement.

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