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Precision Drilling Completes High Yield Debt Offering and Tender Offer

Precision Drilling Corporation completed a Rule 144A and Regulation S offering of $400 million of 7.125% senior notes due 2026. Precision Drilling is using the proceeds from the offering, together with cash on hand, to repurchase any and all of its 6.625% senior notes due 2020 and a portion of its 6.5% senior notes due 2021 in a tender offer and to redeem any remaining 2020 notes not tendered during the tender offer. Canada-based Precision Drilling specializes in onshore drilling services in all major unconventional oil and natural gas basins. Paul, Weiss represented the underwriters led by RBC Capital Markets and Credit Suisse in the note offering, and represented RBC Capital Markets and Credit Suisse as dealer managers in the tender offer.

The Paul, Weiss team included corporate partner Christopher Cummings; tax partner David Mayo; and environmental counsel William O'Brien.

November 22, 2017

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