Key Developments: Pacific Drilling SA (PACD.N)
10.00USD
17 May 2013
$0.05 (+0.50%)
$9.95
$10.01
$10.05
$9.98
18,594
81,468
$10.94
$7.77
Latest Key Developments (Source: Significant Developments)
Pacific Drilling SA Announces Pricing Of Private Offering Of $750 Million Of 5.375% Senior Secured Notes Due 2020
Pacific Drilling SA announced that the pricing of the private placement to eligible purchasers of $750 million in aggregate principal amount of Pacific Drilling`s 5.375% senior secured notes due 2020. The notes mature on June 1, 2020 and will be issued at par. Proceeds from this 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, 2013 concurrently with entry into the new senior secured term loan facility and new senior secured revolving credit facility subject to customary closing conditions. Full Article
Pacific Drilling SA Announces Signing Of $1 Billion Senior Secured Credit Facility
Pacific Drilling SA announced that it has signed a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav and Pacific Meltem. The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem. A portion of the funding will be provided before delivery of the vessels, with all drawdowns from the facility subject to satisfaction of customary conditions precedent. The transaction was led and structured by Citibank and DNB, and supported by the Norwegian export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK) and Eksportkreditt Norge AS. Also acting as Mandated Lead Arrangers were ABN AMRO, ING, SEB and Standard Chartered Bank. Legal counsel for the company was Vinson & Elkins LLP, and legal counsel for the lenders was Holland & Knight. Full Article
Pacific Drilling SA's Pacific Drilling V Limited Announces Proposed Private Offering By Its Indirect, Wholly Owned Subsidiary Of $500 Million Senior Secured Notes Due 2017
Pacific Drilling SA announced that its indirect, wholly owned subsidiary, Pacific Drilling V Limited (PDV), intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of senior secured notes due 2017 for sale in a private placement to eligible purchasers. Proceeds from this offering will be used to fund the remaining construction payments on the Pacific Khamsin and for general corporate purposes. Full Article
Pacific Drilling SA Announces Five-Year Contract For Pacific Sharav
Pacific Drilling SA announced that its ultra-deepwater drillship the Pacific Sharav has been awarded a five-year contract by Chevron U.S.A. Inc. for operations in the United States Gulf of Mexico. Estimated maximum contract revenue, including mobilization and client requested modifications, is expected to be approximately $1,076 million, bringing Pacific Drilling’s total contract backlog as of June 22, 2012, to approximately $3.2 billion. Pacific Sharav is scheduled for delivery by Samsung Heavy Industries in Korea in the fourth quarter of 2013, upon completion of construction and client requested modifications. Full Article
Pacific Drilling SA Announces Pricing Of $300 Million Private Offering Of 8.25% Senior Unsecured Notes Due 2015
Pacific Drilling SA announced the pricing of its private placement of $300 million in aggregate principal amount of 8.25% senior unsecured U.S. dollar denominated notes due in 2015 to eligible purchasers. The notes mature on February 20, 2015, and will be issued at par. The offering is expected to close on February 20, 2012, subject to customary closing conditions. The net proceeds from the notes shall be employed for company growth, working capital and general corporate requirements. Full Article
Pacific Drilling SA Announces Closing Of Over-Allotment Option Under Initial Public Offering
Pacific Drilling SA announced that the underwriters of its previously announced underwritten initial public offering of 6,000,000 common shares, which closed on November 16, 2011, have purchased an additional 900,000 common shares at a price of $8.25 per share pursuant to the full exercise of an over-allotment option. Total net proceeds from the sale of these additional common shares are $6,905,250 after deducting underwriting discounts. The common stock currently trades on the New York Stock Exchange under the ticker symbol PACD. Morgan Stanley and Deutsche Bank Securities acted as joint book-running managers for the offering. DnB NOR Markets, Howard Weil Incorporated, Pareto Securities AS and Simmons & Company International acted as co-managers. Full Article
Pacific Drilling Ltd Announces Closing of Initial Public Offering
Pacific Drilling Ltd announced that it closed its previously announced initial public offering of shares of common stock at a price of $8.25 per share. Pacific Drilling sold a total of 6,000,000 shares, resulting in net proceeds of approximately $46 million after deducting underwriting discounts and commissions. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 900,000 common shares. Morgan Stanley and Deutsche Bank Securities acted as joint book-running managers for the offering. DnB NOR Markets, Howard Weil Incorporated, Pareto Securities AS and Simmons & Company International acted as co-managers. Full Article
Pacific Drilling Ltd Launches Initial Public Offering Of Common Shares
Pacific Drilling Ltd announced that it has commenced an Initial Public Offering (IPO) of 6,000,000 common shares of Pacific Drilling pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (SEC) on November 7, 2011. The underwriters will be granted a 30 day over-allotment option to purchase up to an additional 900,000 common shares. The common shares have been approved for listing on the New York Stock Exchange and traded under the symbol PACD, subject to official notice of issuance. Morgan Stanley and Deutsche Bank Securities are acting as joint book-running managers for the proposed offering. DnB NOR Markets, Howard Weil Incorporated, Pareto Securities AS and Simmons & Company International are acting as co-managers. Full Article
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