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Pacific Drilling SA (NYSE: PACD; NOTC: PDSA), controlled by Idan Ofer, plans to raise $300 million in private placement bonds the international bond market. The senior unsecured US dollar denominated bonds will mature in 2015. The company will use the proceeds for company growth, working capital and general corporate requirements.
Pacific Drilling owns a fleet of six ultra-deepwater drill ships for oil and gas exploration in the ocean abyssal plains, i.e. in water depths of 2,300-3,700 meters. Some of the ships have already been delivered to customers for operations, while others will be delivered over the next two years. It has invested $2.7 billion in the fleet to date.
Last week, the company reached an agreement with Samsung Heavy Industries Ltd. to extend until February 17 an option to construct a seventh ultra-deepwater drillship. Under the revised terms of the option agreement, the delivery of the drillship will be no later than May 17, 2014. The commercial terms of the option agreement are unchanged.
Pacific Drilling's equity offering on the New York Stock Exchange in November 2011 was intended to become a public company in the US, not to raise capital. It raised only $51 million gross at $8.25 per share. The share price closed at $10.41 on Friday, giving market cap of $2.25 billion. Investors have made a 26% return in three months.
Idan Ofer owns 71.4% of Pacific Drilling, through a private company Quantum Pacific, registered in the Gibraltar tax haven.
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