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Precision Drilling extends credit facility, says cut debt by $150M in 2018

  • Precision Drilling (PDS +2.5%) is higher after announcing a one-year extension of its senior credit facility to November 2022 and saying it repaid $150M in total debt during 2018, exceeding the high end of its targeted debt reduction range of $75M-$125M.
  • PDS says it completed an additional $34M in open market purchases of its 5.25% senior notes due 2024, which will bring total debt repayments for the year to $150M.
  • PDS says it remains to its plan to cut debt by $300M-$500M during 2018-21 and is on the way to reaching the high end of the target range over the next three years.

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