Pacific Drilling S.A. (PACT) said Friday that it has priced the private placement to eligible purchasers of $750 million in aggregate principal amount of the company's 5.375% senior secured notes due 2020.
The notes mature on June 1, 2020 and will be issued at par. Proceeds from the offering, together with the proceeds from Pacific Drilling's proposed $750 million senior secured term loan facility and entry into Pacific Drilling's proposed $500 million senior secured revolving credit facility, will be used to repay in full existing borrowings under Pacific Drilling's Project Facilities Agreement, to replace Pacific Drilling's existing temporary importation bond credit facilities, to pay transaction fees and expenses incurred in connection with the proposed transactions and for general corporate purposes.
The offering is expected to close on June 3, concurrently with entry into the new senior secured term loan facility and new senior secured revolving credit facility subject to customary closing conditions.
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