Parker Drilling Announces Debt Reduction
PARKER DRILLING (PKD)
Last parker drilling earnings: 11/5 04:20 pm
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US:NYSE Investor Relations:
investors.parkerdrilling.com
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Source: PR Newswire
HOUSTON, Sept. 20, 2019 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) ("Parker" or the "Company") today announced it has made a voluntary prepayment of $35,000,000 in principal plus $1,023,750 of associated accrued interest on its Second Lien Term Loan. As a result of this payment, the Company reduced its long-term debt balance from $211.1 million, as of June 30, 2019, to approximately $176 million. The debt prepayment was funded with excess cash on hand. The Company remains committed to maintaining a strong liquidity position, which also consists of an undrawn $50 million revolving credit facility."We are pleased to continue making strides in our ongoing efforts to strengthen our business and improve returns on capital," said Gary Rich, President and Chief Executive Officer. "Today's deleveraging announcement provides a compelling savings in interest expense, both cash and payment-in-kind, and further improves our company's financial position."CAUTIONARY STATEMENT ON FORWARD
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