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
Transition Industries Signs Definitive EPC Agreement with Siemens Energy and Techint E&C for Pacifico Mexinol’s 210 MW Electrolyzer Facility28.10.2026 19:36:00 CET | Press release
Definitive agreement advances delivery of the electrolyzer facility supplying renewable hydrogen for ultra-low-carbon methanol production in Sinaloa, Mexico Transition Industries LLC today announced that it has signed a definitive Engineering, Procurement and Construction (EPC) agreement with Siemens Energy and Techint Engineering & Construction (“Techint E&C”) for the approximately 210 MW electrolyzer facility at its Pacifico Mexinol project in Sinaloa, Mexico. The agreement is subject to customary conditions precedent, including the completion of project financing. The signing builds on the Front-End Engineering Design (FEED) contract announced in August 2025 and represents an important milestone in advancing the project’s renewable hydrogen production infrastructure from engineering toward construction. The facility will incorporate Siemens Energy’s Elyzer P-300 electrolyzer technology and produce renewable hydrogen to support the production of renewable fuels of non-biological orig
Belkin Introduces Infinity Folio for iPad mini, Available Now28.10.2026 19:21:00 CET | Press release
With a precision-engineered hinge that allows flexible viewing angles, all-around drop protection, and a frosted translucent back panel, Infinity Folio is the perfect companion for iPad mini from day one Belkin, a global leader in consumer electronics accessories trusted by more than 1 billion customers worldwide, today introduced Infinity Folio, a beautifully crafted protective case exclusively designed for iPad mini. The Infinity Folio is engineered to protect without compromise. A thin, lightweight and translucent back lets the new iPad mini design shine through with 360° of protection against drops of up to 2 meters*. The ingeniously engineered detachable cover transforms into a stand with multiple viewing angles. Whether it's streaming a favorite show, joining a video call, or reading an exciting book, Infinity Folio adapts to every moment. Designed specifically for iPad mini, Infinity Folio is available at launch through Apple stores and online in select markets worldwide, with a
DEWA Signs Three Agreements With Global Partners During WETEX 202628.10.2026 15:50:00 CET | Press release
Dubai Electricity and Water Authority (DEWA) signed three agreements with leading global entities during the 28th Water, Energy, Technology and Environment Exhibition (WETEX 2026). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028187355/en/ DEWA signs three agreements with global partners during WETEX 2026 (Photo: AETOSWire) In the presence of HE Saeed Mohammed Al Tayer, MD&CEO of DEWA, the agreements were signed by Hussain Lootah, Executive Vice President of Transmission Power at DEWA, and concluded through Moro Hub, a subsidiary of Digital DEWA, the digital arm of DEWA. Al Tayer said: “We are committed to strengthening our strategic partnerships with leading global organisations and leveraging the latest technologies, solutions and best practices. This enables us to enhance the efficiency, resilience and future-readiness of our critical infrastructure, while keeping pace with advancements in cyber security, digital tra
Ras Al Khaimah Signs Landmark Friendship Agreement & 10 MoUs during Historic High-Level Tour of South China28.10.2026 14:48:00 CET | Press release
His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, witnesses the signing of a historic agreement between Ras Al Khaimah and Fujian Province, China, concluding a six-day China visit. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028878989/en/ His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, witnessed the signing of a landmark agreement between Ras Al Khaimah and Fujian Province, alongside 10 Memoranda of Understanding between entities from the Emirate and their Chinese counterparts, reflecting a shared commitment to broadening cooperation and translating longstanding relations into meaningful opportunities for the future. (Photo: AETOSWire) Signed in Fuzhou, the agreement establishes a framework for strengthening economic, maritime and cultural ties, including cooperation in green supply chains, port logistics, sustainabl
Media Release: Further Up – Allianz Reaches Highest-Ever Brand Value of $30.7 Billion28.10.2026 14:08:00 CET | Press release
Interbrand’s Best Global Brands 2026 ranking: For the eighth consecutive year, Allianz is the world’s most valuable insurance brand and now ranks No. 26 among all brands.Financial performance and continuous brand management underpin brand strength, reflected in a record first-half 2026 operating profit.In 2026 Allianz helped deliver safe Winter Olympic and Paralympic Games in Milano Cortina, established a partnership with tennis player Jannik Sinner and founded the Allianz School for Life to foster financial literacy. A steady climb to a new high: For the eighth consecutive year, Allianz is the world’s most valuable insurance brand and has reached a record $30.7 billion in brand value, lifting it one place to No. 26 in Interbrand’s Best Global Brands 2026 ranking. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028268225/en/ #1 Global Insurance Brand This 9% increase on 2025 further narrows the gap to the world’s most valu
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