HOUSTON, Sept. 20, 2019 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) ("Parker" or the "Company") today announced it
has made a voluntary prepayment of $35,000,000 in principal plus $1,023,750 of associated accrued interest
on its Second Lien Term Loan. As a result of this
payment, the Company reduced its long-term debt balance from
$211.1 million, as of June 30, 2019, to approximately $176 million.
The debt prepayment was funded with excess cash on hand.
The Company remains committed to maintaining a strong liquidity
position, which also consists of an undrawn $50 million revolving credit facility.
"We are pleased to continue making strides in our ongoing
efforts to strengthen our business and improve returns on capital,"
said Gary Rich, President and Chief
Executive Officer. "Today's deleveraging announcement
provides a compelling savings in interest expense, both cash and
payment-in-kind, and further improves our company's financial
position."
CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS
This press release contains certain statements that may be
deemed "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. All
statements in this press release other than statements of
historical facts addressing activities, events or developments the
Company expects, projects, believes, or anticipates will or may
occur in the future are forward-looking statements. These
statements are based on certain assumptions made by the Company
based on management's experience and perception of historical
trends, current conditions, anticipated future developments and
other factors believed to be appropriate. Although the Company
believes its expectations stated in this press release are based on
reasonable assumptions, such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company that could cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. For more information, see "Risk Factors" in the
Company's Annual Report filed on Form 10-K with the Securities and
Exchange Commission and other public filings and press releases.
Each forward-looking statement speaks only as of the date of this
press release and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
About Parker Drilling
Parker Drilling provides drilling
services and rental tools to the energy industry. The Company's
Drilling Services business serves operators through the use of
Parker-owned and customer-owned rig fleets in select U.S. and
international markets, specializing in remote and harsh environment
regions. The Company's Rental Tools Services business supplies
premium equipment and well services to operators on land and
offshore in the U.S. and international markets. More information
about Parker Drilling can be found
on the Company's website at www.parkerdrilling.com.
Contact:
Nick Henley
Director, Investor Relations
(+1) (281) 406-2082
nick.henley@parkerdrilling.com
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SOURCE Parker Drilling Company
