Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Wed, September 28, 5:50 AM
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Slide #246. Parker Drilling Company — Preferred Stock Offering
Parker Drilling Company (PKD)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Parker Drilling Company (NYSE: PKD) ("Parker Drilling" or the "Company") today announced that it is commencing a registered public offering of 12,000,000 shares of its common stock. The Company also expects to grant the underwriter a 30-day option to purchase up to an additional 1,800,000 shares of common stock. In addition, the Company announced that it is commencing a registered public offering of approximately $50 million of its Series A Mandatory Convertible Preferred Stock with a liquidation preference of $100 per share (the "Preferred Stock"). The Company also expects to grant the underwriter a 30-day option to purchase up to approximately $7.5 million of additional shares of Preferred Stock. -updated 2/22- Parker Drilling Company (NYSE: PKD) ("Parker Drilling" or the "Company") today announced that it has priced a public offering of 12,000,000 shares of its common stock at a price to the public of $2.10 per share and 500,000 shares of its 7.25% Series A Mandatory Convertible Preferred Stock (the "Preferred Stock") having an offering price and liquidation preference of $100 per share. The Company has also granted the underwriter a 30-day option to purchase up to an additional 1,800,000 shares of common stock and 75,000 shares of Preferred Stock in the respective offerings. Both offerings are expected to close on February 27, 2017, subject to customary closing conditions.
Parker Drilling is a holding company. Through its subsidiaries, Co. is a provider of contract drilling and drilling-related services and rental tools and services. Co. has two business lines: Drilling Services, in which Co. drills oil, natural gas and geothermal wells with both Co.-owned rigs and customer-owned rigs in addition to providing project-related services, such as engineering, project management, operations execution, and quality and safety management; and Rental Tools Services, which provides rental equipment and services to exploration and production companies, drilling contractors, and service companies on land and offshore in the U.S. and select international markets.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com