Pacific Drilling raising $700m for restructuring

Pacific Drilling has announced that a special purpose wholly owned subsidiary of the company intends to offer $700m of senior secured notes with a maturity of five years.

The notes are being offered in connection with the restructuring of Pacific Drilling as part of the company’s reorganisation plan filed with the U.S. Bankruptcy Court.

The net proceeds from the offering will be used to fund a portion of the payments to creditors.

Last month, Pacific Drilling’s reorganisation plan received full support from the company’s majority shareholder, Quantum Pacific, and the company expected a smooth confirmation process and a quick emergence from chapter 11.

Pacific Drilling currently operates a fleet of seven drillships with an average age of six years.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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