Precision Drilling Corporation Announces Credit Agreement Amendment Initiative
17 Juin 2010 - 2:48PM
Marketwired
Precision Drilling Corporation ("Precision") announced today that
it intends to seek an amendment to its credit agreement, dated as
of December 23, 2008, as amended (the "Credit Agreement"), among
Precision, a syndicate of lenders and Royal Bank of Canada, as
administrative agent. If approved, the amendment would have the
effect of reducing the LIBOR floor for the existing Term B loans
and reducing the interest rate margins on the existing Term B
loans. Precision can offer no assurance that it will obtain the
amendment to the Credit Agreement on the terms proposed by
Precision or at all.
Cautionary Statement Regarding Forward-Looking Information and
Statements
Certain statements contained in this news release, including
statements that contain words such as "anticipate", "expect",
"believe", "may" and similar expressions and statements relating to
matters that are not historical facts constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation and "forward-looking statements" within the meaning of
the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward-looking information and statements").
In particular, this news release contains forward-looking
information and statements relating to the expectations of
Precision regarding the approval of proposed amendments to the
Credit Agreement and the effect of such amendments on the Term B
loans. These forward-looking information and statements are based
on certain assumptions and analysis made by Precision in light of
its perception of current conditions and expected future
developments as well as other factors it believes are appropriate
in the circumstances. However, whether actual results or
achievements will conform to Precision's expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results to differ materially
from Precision's expectations. Such risks and uncertainties
include, but are not limited to the failure of the lenders under
the Credit Agreement to accept Precision's proposed amendments to
the Credit Agreement. Consequently, all of the forward-looking
information and statements made in this news release are qualified
by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by Precision will be
realized. Readers are therefore cautioned not to place undue
reliance on such forward-looking information and statements.
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" and on the New York Stock Exchange under the trading
symbol "PDS".
Contacts: Precision Drilling Corporation David Wehlmann
Executive Vice President, Investor Relations 403.716.4575
403.716.4755 (FAX) Precision Drilling Corporation 4200, 150 - 6th
Avenue S.W. Calgary, Alberta, Canada T2P 3Y7
www.precisiondrilling.com
Precision Drilling (NYSE:PDS)
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