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
LogicMonitor Makes AI the Standard, Not the Upgrade4.11.2026 09:00:00 CET | Press release
New platform packages include Edwin AI and Digital Experience at every tier, uniting signals, context and governed action on one licensing model LogicMonitor®, the AI-first platform for Autonomous IT, today announced new platform packages that make Edwin AI and LogicMonitor Digital Experience, including Synthetics and Internet Sonar, standard in every tier. By bringing full digital experience and internet health visibility together with AI-driven operations in every package, LogicMonitor helps teams connect what users experience to the signals behind it and move toward a governed next step. AI is now essential to modern IT operations, yet too often, the capabilities needed to put it into practice remain fragmented across tools and licensing models. As enterprises move toward Autonomous IT, access to AI-driven intelligence and end-to-end visibility must become the foundation, not an added layer of complexity. “IT teams don't need more separate Observability tools with AI bolted on; they
AiDEN Auto and Volvo Trucks First to Offer Embedded E-Transportation Regulatory Compliance Through the Infotainment System4.11.2026 09:00:00 CET | Press release
An industry-first integration brings RO e-Trans compliance monitoring directly into the Volvo Trucks infotainment interface and Volvo Connect, making regulatory management easier, safer, and more efficient for drivers and fleets. AiDEN Auto, a pioneer in connected vehicle software solutions, has partnered with Volvo Trucks to integrate RO e-Trans regulatory compliance management directly into the truck's in-cab infotainment system and the Volvo Connect back-office portal. Made available through Volvo Trucks' suite of digital services and Volvo Connect ecosystem, this innovative application allows drivers and fleet managers to monitor and maintain compliance with Romania's mandatory national e-Transport regulations in real time—without leaving the cab or relying on secondary mobile devices. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261104342472/en/ AiDEN Auto, a pioneer in connected vehicle software solutions, has partne
Azerbaijan Signs its Participation Contract in Expo 2030 Riyadh4.11.2026 08:47:00 CET | Press release
The Republic of Azerbaijan has signed its Participation Contract in Expo 2030 Riyadh. The contract was signed by Talal Al-Marri, Chief Executive Officer of Expo 2030 Riyadh and H.E. Mr. Anar Alakbarov, Assistant to the President of the Republic of Azerbaijan, during a ceremony held in Baku, Azerbaijan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261103050461/en/ The contract was signed by Talal Al-Marri, Chief Executive Officer of Expo 2030 Riyadh and H.E. Mr. Anar Alakbarov, Assistant to the President of the Republic of Azerbaijan, during a ceremony held in Baku, Azerbaijan. The signing marks an important milestone in Azerbaijan’s participation journey, allowing it to move from planning into delivery of its presence at Expo 2030 Riyadh. Holding the ceremony in Baku reflects the longstanding friendship between the Republic of Azerbaijan and the Kingdom of Saudi Arabia, as well as the importance Azerbaijan attaches to its
GN Corporation’s academic event NCRM NICHE commemorates 21st anniversary of NCRM.4.11.2026 07:10:00 CET | Press release
Kamineni Institute, Hyderabad wins XXI Fujio Cup Quiz on stem cells and regenerative medicine. The XXI edition of Fujio Cup Quiz (FCQ) in NCRM NICHE 2026, hosted by GN Corporation, Japan and Nichi-In centre for Regenerative Medicine (NCRM), was won by Sameer Kumar Reddy and Chava Aravind Kumar from Kamineni Academy of Medical Sciences and Research Centre, Hyderabad, India. Ganga Anand Desai and Amith Mathew from Sri Ramachandra Institute of Higher Education and Research, Chennai, India, came runners. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261103893272/en/ NCRM NICHE is held every year in October since 2006, past 21 years. In 2026, in the active knowledge gaining event, Fujio Cup Quiz, 80 teams from institutes of biotechnology, medicine, veterinary, dentistry and allied health sciences participated, among whom four got to the finals. Kamineni Academy of Medical Sciences, Hyderabad, India won the prestigious Fujio Cup.
Global Consumer Trends 2027: Trust, Transparency and Control Take Centre Stage4.11.2026 06:01:00 CET | Press release
Consumers are no longer placing full trust in brands, technology or the future itself. As uncertainty becomes a permanent feature of daily life, greater value is being placed on reliability, transparency and immediate proof of value. Euromonitor International's Top Global Consumer Trends 2027 report finds consumers seeking greater control as uncertainty reshapes consumer behaviour. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261103010032/en/ Euromonitor's Top global consumer trends 2027 Drawing on insights from Passport, Euromonitor International's AI-powered market intelligence platform, the report finds consumers looking for balance and control in a world they no longer expect to be certain. Across markets, consumers are placing greater value on reliability, transparency, community and immediate, tangible benefits. “Consumers are no longer simply buying products or services; they're looking for confidence," said Ali Ang
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