|
|
Article: Pioneer Drilling Amends Credit Facility.
- Article from:
- PR Newswire
- Article date:
- October 6, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Increases Fiscal 2009 Capital Budget by $15 million
SAN ANTONIO, Oct. 6 /PRNewswire-FirstCall/ -- Pioneer Drilling Company (NYSE Amex: PDC) today announced it has entered into an amendment to its revolving credit agreement that will increase the Company's flexibility under certain covenants. The amendment, among other things:
-- Shortens the maturity date of the credit agreement from February 28,
2013 to August 31, 2012.
-- Reduces the aggregate amount of commitments under the credit agreement
from $400 million to $325 million (of which $50 million will be
available for the issuance of letters of credit).
-- Amends the ...