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
Nadia Karkar Joins 500 Global as Managing Partner7.4.2026 19:43:00 CEST | Press release
Former TPG Rise executive joins as Managing Partner as the firm expands its global investment platform. 500 Global today announced the appointment of Nadia Karkar as Managing Partner as the firm expands its global investment platform. Nadia’s appointment follows the recent announcement of the appointment of Atul Mehta — former Chief Investment Officer of the International Finance Corporation — to 500 Global's Board of Directors, and reflects the firm's continued build-out of the leadership and capabilities required to deliver on its next stage of global growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260407719214/en/ Nadia Karkar Joins 500 Global as Managing Partner Nadia joins from TPG Rise, the $31 billion impact investing platform of TPG Inc., where she most recently served as Head of Business Development, responsible for product innovation, strategic partnerships and corporate development. She played a central rol
Mouser Electronics Explores How Artificial Intelligence Shapes Everyday Technologies and Experiences7.4.2026 17:11:00 CEST | Press release
Mouser Electronics, Inc., the authorized global distributor with the newest electronic components and industrial automation products, today announced the first 2026 installment of its Empowering Innovation Together (EIT) technology series, Engineering AI for Daily Life. This installment explores how artificial intelligence is increasingly embedded in everyday products and services, from assisted search and messaging tools to healthcare wearables that monitor personal well-being. As AI capabilities expand across consumer and connected devices, engineers continue to design systems that make these technologies more useful, intuitive, and trustworthy in real-world applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260407524737/en/ This installment of Empowering Innovation Together explores how AI is increasingly embedded in everyday products and services, from assisted search and messaging tools to healthcare wearables
Umrah and Ziyarah Forum Concludes in Madinah with Landmark Achievements in Pilgrim Services7.4.2026 16:38:00 CEST | Press release
Under the generous patronage of His Royal Highness Prince Salman bin Sultan bin Abdulaziz, Governor of the Madinah Region, the third edition of the Umrah, Hajj, and Ziyarah Forum concluded its activities, marking a significant milestone in the Kingdom's mission to enhance the experience for the "Guests of Allah." This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260407456369/en/ Umrah and Ziyarah Forum Concludes in Madinah with Landmark Achievements in Pilgrim Services (Photo: AETOSWire) The final harvest of the forum resulted in exceptional numbers and a massive turnout, with more than 50,000 visitors flocking to the accompanying exhibition, which attracted over 150 exhibitors from global and local companies across an area exceeding 11,000 square meters. To enrich the knowledge aspect, the three days of the forum featured more than 160 speakers and trainers who contributed to discussions across 25 main sessions and 40 workshop
Poland's Galaxy Systemy Informatyczne Becomes First Private Enterprise to Buy Quantum Computer from IQM7.4.2026 15:00:00 CEST | Press release
IQM will deliver and install the 54-qubit quantum computer at Galaxy in the fourth quarter of 2026. The deployment builds Galaxy’s quantum capabilities, supporting talent development and innovation across sectors, while reinforcing Poland’s growing quantum ecosystem. This will be another Radiance 54-qubit computer deployed this time in Poland by IQM, following installations at LRZ in Germany, VTT in Finland, CINECA in Italy, and CESGA in Spain, underscoring the company’s leading market position. IQM Quantum Computers, a global leader in superconducting quantum computing, today announced a commercial milestone to deploy a hybrid integrated quantum computer at GalaxySystemy Informatyczne Sp. z o.o., marking its first deployment in a private enterprise worldwide. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260407351934/en/ IQM Radiance quantum computer Galaxy has been implementing innovations in security, digitisation, and h
Variational AI Releases Enki 4: Major Update to Foundation Model for Small-Molecule Drug Discovery7.4.2026 15:00:00 CEST | Press release
Variational AI introduces Enki™ 4: an improved algorithm and architecture designed to scale, expanding the pre-trained target coverage from 592 to 760 and now applicable to proximity-based therapeutics and novel payloads for antibody drug conjugates Variational AI today announced the release of Enki™ 4, a major update to its generative AI platform for small-molecule drug discovery. The release of the fourth generation of Enki™ delivers significant improvements in algorithmic performance and target coverage through platform architecture design, as well as extending its application to degraders, PROTACs, glues, and novel payload design for antibody drug conjugates (ADCs) and related modalities. “Enki 4 is a massive step forward for our platform,” said Ali Saberali, Co-Founder & Head of Platform at Variational AI. “We’ve re-architected Enki and improved the underlying algorithms to expand target and modality coverage, while operating faster to deliver even better performance for our partn
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