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
AIT Worldwide Logistics Welcomes Justin Kosslyn as Chief Digital and Technology Officer13.7.2026 17:02:00 CEST | Press release
Proven leader with Google experience to advance company’s AI-powered digital transformation Supply chain solutions leader AIT Worldwide Logistics has hired Justin Kosslyn, a tenured software development executive, as its chief digital and technology officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260713269550/en/ Justin Kosslyn will lead an accelerating digital transformation at AIT Worldwide Logistics, unifying a vastly diverse array of shippers and partners across the globe. In the newly created role, Kosslyn will report directly to President and Chief Operating Officer, Keith Tholan, and lead the company’s global technology strategy, continuing to implement AIT’s existing program while accelerating the next generation of integrated digital, data, AI and customer-facing systems across the organization. “With a history of delivering for companies at the center of global technology and innovation, Justin brings the k
Labaton Keller Sucharow LLP Launches Corporate Accountability & Governance Task Force13.7.2026 16:46:00 CEST | Press release
Labaton Keller Sucharow LLP is pleased to announce the launch of its new Corporate Accountability & Governance Task Force, designed to help institutional investors advance corporate accountability while pursuing meaningful shareholder recoveries. Created in response to the increasing needs of our clients, the Task Force will provide clients with strategic advice on opportunities to drive positive corporate change through securities and shareholder litigation. This initiative reflects the Firm’s longstanding commitment to protecting investor interests while promoting responsible corporate conduct. Labaton partners with institutional investor clients to pursue cases that not only seek financial recovery but also encourage meaningful corporate reforms and reinforce sound governance practices. The Task Force is chaired by Partners Carol C. Villegas and Domenico “Nico” Minerva, who have led some of the Firm's most significant matters involving corporate accountability and governance reform.
FlexTrade Expands Portfolio Risk and Analytics Capabilities Through Strategic Partnership with Portx13.7.2026 15:30:00 CEST | Press release
The collaboration expands FlexTrade’s front-office risk analytics offering, connecting portfolio construction, risk insight, and trading decisions in a unified buy-side workflow. FlexTrade Systems (@FlexTrade), a global leader in multi-asset execution and order management systems, and Portx, an advanced portfolio construction and analytics provider, today announced the integration of Portx’sreal-time portfolio construction, optimization, and risk analytics capabilities into FlexTrade’s integrated buy-side order and execution management system (OEMS), FlexONE. The partnership comes as buy-side firms place greater emphasis on real-time risk management across increasingly complex portfolios, advanced hedging strategies, and supporting operating models. For hedge funds and institutional asset managers, particularly those running multi-strategy or multi-asset approaches, the ability to assess portfolio risk, review pro forma exposures, and act on those insights within the order and executio
Xsolla Connect Returns to Brighton13.7.2026 15:22:00 CEST | Press release
Connecting The UK Game Development Community For Networking And Insights During Develop:Brighton Xsolla, a global video game commerce company, today announced the launch of an exclusive networking event for the UK game development community, Xsolla Connect, taking place with Develop:Brighton 2026 on July 15, 2026. Designed to bring together independent and mid-tier developers, publishers, investors, and industry professionals, the event will offer a focused evening of meaningful connections and actionable insights at one of the UK’s most important annual games gatherings. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260713748542/en/ Graphic: Xsolla Develop:Brighton has long served as a cornerstone of the European video games industry, drawing developers, publishers, investors, and studio leaders from across the UK and beyond to share knowledge, explore opportunities, and forge lasting business relationships. Xsolla’s event
Niagen Bioscience Receives Exclusive U.S. FDA Rare Pediatric Disease (RPD) Designation and European Medicines Agency Orphan Medicinal Product Designation (OMPD) for NB4168 for the Treatment of Ataxia Telangiectasia (A-T)13.7.2026 14:32:00 CEST | Press release
Regulatory recognition in the United States and Europe supports the development of NB4168, a novel small molecule candidate for a rare pediatric disease with no approved treatments Niagen Bioscience, Inc. (NASDAQ: NAGE), the global authority on NAD+ (nicotinamide adenine dinucleotide) with a focus on the science of healthy aging, today announced that the U.S. Food & Drug Administration (FDA) granted Rare Pediatric Disease (RPD) Designation for its proprietary lead small molecule drug candidate NB4168 for the treatment of Ataxia Telangiectasia (A-T). NB4168 is an oral small molecule therapy engineered to deliver substantially greater nicotinamide riboside (NR) exposure than conventional NR while maintaining a differentiated pharmacokinetic and safety profile. In addition, the European Medicines Agency (EMA) has granted Orphan Medicinal Product Designation (OMPD) to NB4168 for the treatment of A-T, providing regulatory recognition in the European Union and further supporting the Company'
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