Precision Drilling Trust Announces Closing of U.S.$172.5 Million Public Offering of Trust Units
18 Février 2009 - 5:10PM
Marketwired
This news release contains "forward-looking information and
statements" within the meaning of applicable securities laws. For a
full disclosure of the forward-looking information and statements
and the risks to which they are subject, see the "Cautionary
Statement Regarding Forward-Looking Information and Statements"
later in this news release.
Precision Drilling Trust ("Precision" or the "Trust") announced
the closing of its offering of 46,000,000 trust units (the "Trust
Units") at a price of U.S.$3.75 per Trust Unit (the "Offering") for
aggregate gross proceeds of U.S.$172,500,000.
The Offering was underwritten by a syndicate of underwriters
jointly led by RBC Capital Markets and Deutsche Bank Securities
Inc. and including TD Securities Inc., HSBC Securities (Canada)
Inc., Cormark Securities Inc., FirstEnergy Capital Corp. and
Tristone Capital Inc.
The proceeds of the Offering will be used to fund the repurchase
of outstanding convertible notes, which were assumed in connection
with Precision's acquisition of Grey Wolf, Inc. in December 2008,
pursuant to a "change of control" obligation. To the extent that
the net proceeds of the Offering exceed the amount payable for the
convertible notes tendered to the "change of control" offer, such
proceeds will be used for general corporate purposes.
You may obtain a copy of the base shelf prospectus and the
prospectus supplement from RBC Capital Markets, Attention:
Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario
M5H 2X4 (fax: 416-313-6066), or from RBC Capital Markets
Corporation, Attention: Prospectus Department, Three World
Financial Centre, 200 Vesey Street, 8th Floor, New York, NY
10281-8098 (fax: 212-428-6260), or from Deutsche Bank Securities,
Prospectus Department, at 100 Plaza One, Jersey City, New Jersey
07311, (800) 503-4611.
About Precision
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD.UN" and on the New York Stock Exchange under the trading
symbol "PDS".
Cautionary Statement Regarding Forward-Looking Statements
Statements about Precision's expectations and all other
statements in this news release, other than historical facts, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may also
constitute "forward-looking information" within the meaning of
applicable Canadian securities legislation. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside of Precision's control, which could cause actual
results to differ materially from such statements. Forward-looking
statements or information in this news release include but are not
limited to: the use of proceeds of the Offering and the tender of
convertible notes to the "change of control" offer. Among the
factors that could cause results to differ materially from those
indicated by such forward-looking statements are: the principal
amount of convertible notes tendered to the "change of control"
offer and changes in market conditions. Readers are cautioned not
to place undue reliance on forward-looking information. No
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur or, if any of
them do so, what benefits Precision will derive therefrom.
Contacts: David Wehlmann, Executive Vice President, Investor
Relations Precision Drilling Corporation, Administrator of
Precision Drilling Trust (403) 716-4575 (403) 716-4755 (FAX)
Precision Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary,
Alberta T2P 3Y7
Precision Drilling (NYSE:PDS)
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