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Precision Drilling Completes High Yield Debt Offering

Paul, Weiss advised the underwriters in Precision Drilling Corporation’s private offering of $400 million of 6.875% senior notes due 2029. Canada-based Precision Drilling, which specializes in onshore drilling services in unconventional oil and natural gas basins, will use the proceeds from the offering, together with funds drawn on its revolving credit facility, to fund the redemption of all of its 7.750% senior notes due 2023 and 5.250% senior notes due 2024. The underwriters were led by RBC Capital Markets and Credit Suisse.

The Paul, Weiss team included corporate partner Christopher Cummings and counsel Christian Kurtz; tax partner David Mayo; employee benefits counsel Jake Glazeski; and environmental counsel Bill O'Brien.

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