TX-PACIFIC-DRILLING
10.2.2020 15:33:12 CET | Business Wire | Press release
Pacific Drilling S.A. (NYSE: PACD) (the “Company”) announced today that it has entered into a $50 million first lien superpriority revolving credit agreement with Angelo, Gordon Energy Servicer, LLC, as administrative agent and the lenders party thereto (the “Revolving Credit Agreement”). The Company expects to use any future borrowings under the Revolving Credit Agreement to finance working capital and capital expenditure needs.
The Company’s obligations under the Revolving Credit Agreement are guaranteed by all of the subsidiaries that guaranty the Company’s 8.375% First Lien Notes due 2023 (“First Lien Notes”) and 11.0/12.0% Second Lien PIK Notes due 2024 (together, the “Notes”).
The Revolving Credit Agreement is secured by a sole first-priority lien on the Company’s and the guarantors’ accounts receivable and a shared first-priority lien (with holders of the First Lien Notes), on all assets serving as collateral under such First Lien Notes, with a superpriority right to repayment ahead of other first lien holders in an enforcement action.
The facility represents a portion of the Company’s permitted indebtedness capacity under the Indentures governing the Notes while preserving other permitted indebtedness capacity, such as the ability to incur up to $50 million with respect to a capital lease facility or to incur up to $50 million through use of our general indebtedness basket, which may be secured.
Pacific Drilling CEO Bernie Wolford commented, “We are pleased to partner with Angelo Gordon for this three-year $50 million facility. As we continue to see the market for high-specification drillships improve, this facility allows us the financial flexibility to take advantage of new opportunities.”
Angelo Gordon Head of Energy Todd Dittmann commented, “We are very excited about working with Pacific Drilling and its industry-leading management team, to provide important access to capital that in combination with the Company’s top tier clients, young fleet and safe, efficient and reliable portfolio of drilling services, should create meaningful value for all stakeholders.”
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20200210005243/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Bending Spoons has entered into a definitive agreement to acquire Airtable for $1.285 billion4.8.2026 08:30:00 CEST | Press release
Bending Spoons S.p.A. (NASDAQ: BSP) announced that it has entered into a definitive agreement to acquire Airtable, in an all-cash transaction that values Airtable at an enterprise value of $1.285 billion, which, together with Airtable’s current net cash-and-cash-equivalents balance, implies an equity value of approximately $2.25 billion. The acquisition is subject to customary closing conditions and approvals, including regulatory approvals. “We’re looking forward to welcoming Airtable into Bending Spoons,” said Luca Ferrari, Bending Spoons CEO and co-founder. “Airtable is a pioneering brand reshaping how teams organize data and manage critical workflows. The value being delivered is reflected in annual recurring revenue growing over 20% YoY to approximately $480 million as of June 2026, and joining forces with Bending Spoons will accelerate innovation even further. We’re committed to investing in Airtable for the long run, and doubling down on its core strength: bringing teams and wor
4Moving Biotech Completes Enrollment in Phase 2a INFLAM MOTION Study Evaluating First-in-class Intra-articular GLP-1 Therapy Targeting Synovitis as a Driver of Pain and Disease Progression in Knee Osteoarthritis4.8.2026 07:00:00 CEST | Press release
- INFLAM MOTION enrolled 129 patients with knee osteoarthritis associated with synovitis across Europe, the United States and Canada, targeting an inflammatory phenotype associated with structural progression in knee osteoarthritis. - One of the first randomized clinical studies designed to combine symptomatic improvement with objective imaging biomarker assessment of synovial tissue thickening and inflammation, a biological process linked to disease progression - Topline results expected by the end of December 2026 4Moving Biotech (4MB), a clinical-stage biotechnology company dedicated to developing first-in-class therapies for inflammatory knee osteoarthritis, today announced the completion of patient enrollment in INFLAM MOTION, its international Phase 2a proof-of-concept study. The trial is evaluating the efficacy and safety of 4P004, an investigational intra-articular GLP-1 receptor agonist designed to address the inflammatory mechanisms underlying both symptoms and disease progre
Lehman Brothers Treasury Considers Sale and Final Wind-Down3.8.2026 15:30:00 CEST | Press release
Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”) today, through its U.S. counsel Herbert Smith Freehills Kramer (USA) LLP, announced that LBT is considering a final wind-down of its estate. In connection therewith, LBT has retained Seaport Loan Products LLC as its exclusive placement agent in connection with the potential sale of LBT’s principal remaining asset – a $19.6 billion Class 4A allowed claim against Lehman Brothers Holdings Inc. (the “LBHI Claim”). LBT expects the sale to occur, if at all, in August 2026. To the extent the LBHI Claim is sold, LBT expects to make a final distribution to the holders of its existing notes and thereafter facilitate the cancellation of those notes and the final wind down of its estate in September 2026. The foregoing is subject to further consents and authorizations and LBT retains sole discretion to abandon or otherwise discontinue any sale process at any time. Accordingly, there can be no assurances that the sale process will be conducte
ClickHouse Launches ClickHouse Labs With Andy Pavlo as VP of Database Research3.8.2026 15:30:00 CEST | Press release
Renowned database researcher will lead a new group dedicated to advancing foundational database technology and sharing its work openly with the broader community ClickHouse today announced the launch of ClickHouse Labs, a new research group led by Andy Pavlo, one of the database industry’s most prominent researchers. Dr. Pavlo joins ClickHouse as Vice President of Database Research and will build a team dedicated to advancing the state of the art in database systems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260803890510/en/ Andy Pavlo, VP of Database Research, ClickHouse Pavlo is an award-winning database researcher and professor at Carnegie Mellon University’s Computer Science Department. He is known throughout the database community for his work on autonomous databases, transaction processing, and large-scale data analytics. At ClickHouse, he will bring that expertise to some of the most ambitious and consequential c
EuroTeleSites Strengthens Operations One Year into Sitetracker Partnership3.8.2026 15:00:00 CEST | Press release
EuroTeleSites, one of Central and Eastern Europe's leading independent tower companies, today announced the results of its first year in partnership with Sitetracker, the leading global Asset Lifecycle Management platform. One year into the deployment, EuroTeleSites reports meaningful progress in its digital transformation, with measurable improvements in operational efficiency, cross-market transparency, and project coordination across its six-country footprint. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260727009809/en/ EuroTeleSites Strengthens Operations One Year into Sitetracker Partnership Driving Efficiency in a Complex, High-Investment Environment EuroTeleSites invests approximately 25% of its revenue into capital expenditures in 2026, funding the construction and upgrade of tower infrastructure across Central and Eastern European markets. Managing this level of scale and complexity demands robust digital support
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom