Trinidad Drilling Ltd. (TSX:TDG) ("Trinidad" and the "Company") announced that it completed the previously announced redemption of its 7.875% senior notes due 2019 (the "2019 Notes") on Friday, March 10, 2017.
The redemption of the 2019 Notes was the last step in Trinidad's previously announced debt refinancing transactions. These transactions included a private placement of US$350 million 6.625% senior notes due in 2025, the tender and redemption of the 2019 Notes which totaled US$450 million and an equity offering with gross proceeds of approximately C$150 million. The impact of these transactions is expected to improve Trinidad's debt to EBITDA ratio, extend its long-term debt maturities to 2025 and lower the interest rate on its senior notes from 7.875% to 6.625%. These changes are expected to provide the Company with improved financial flexibility to benefit from increasing customer demand and growing activity in the drilling sector.
Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.
SOURCE: Trinidad Drilling Ltd.
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