Precision Drilling announces note redemption and operational update

|About: Precision Drilling Corpor... (PDS)|By:, SA News Editor

Precision Drilling (PDS +0.6%) announces partial redemption of 6.5% senior notes 2021, with principal value of $50M.

Additionally, repurchased $8M principal amount of 2021 & 2024 notes.

The Company plans to reduce debt by $300M-500M by 2021, and the transactions reduce debt by ~$75M, with $5M in interest saving.

Precision operates 76 rigs in the US up from 64 in Q1, and the company expects to recover from seasonality and in H2 2018, customer demand to be in line with 2017 levels.

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