Pacific Drilling Success

Two weeks ago, Pacific Drilling announced the successful completion of the private placement of its shares. Due to demand, the offering was upsized by 10 million shares and priced at $10/share slightly above the midpoint of the indicated range. Gross proceeds were $600 million based upon the 60 million new shares. Procceds were used to partially finance the construction of the two drillships from Samsung which are expected to be delivered in Q2 and Q3 2013. Following the offering the company has 210 million shares outstanding, which trade over-the-counter in Oslo.

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