Bronco Drilling Company, Inc., (Nasdaq/GM:BRNC), announced today that it has amended and restated its credit agreement. Under the new facility, Bronco will refinance all existing indebtedness with the remainder available for working capital and general corporate purposes, which may include acquisitions.
The total availability under the new facility is $150 million and borrowings under the facility are guaranteed by all of Bronco’s domestic subsidiaries and are secured by generally all of the assets of Bronco and its subsidiaries. Draws under the facility will bear interest at 4.0% over LIBOR or 3.0% over Prime based on the instructions of the company for individual draws. The facility matures in September 2013.
Frank Harrison, Bronco’s Chairman and CEO stated, “We are very pleased to be able to put this facility in place during a very challenging time in the credit markets. This facility will provide the liquidity and flexibility to move forward with the company’s strategic goals.”
Fortis Bank is the facility’s Administrative Agent and acted as Joint Lead Arranger and Sole Bookrunner for the banks in the syndicate, which include Royal Bank of Scotland, who acted as Joint Lead Arranger and Co-Syndication Agent, Prudential Insurance Company, who acted as Co-Syndication Agent, The CIT Group/Business Credit, Caterpillar Financial Services, Natixis and Legacy Bank.
About Bronco Drilling
Bronco Drilling Company, Inc., a publicly held company headquartered in Edmond, Oklahoma, is a provider of contract land drilling services and workover services to oil and natural gas exploration and production companies. Bronco's common stock is quoted on The Nasdaq Global Market under the symbol “BRNC.”
Contact:
Bob Jarvis
Investor Relations
Bronco Drilling Company
(405) 242-4444 EXT: 102
bjarvis@broncodrill.com
Source: Bronco Drilling Company, Inc.
The total availability under the new facility is $150 million and borrowings under the facility are guaranteed by all of Bronco’s domestic subsidiaries and are secured by generally all of the assets of Bronco and its subsidiaries. Draws under the facility will bear interest at 4.0% over LIBOR or 3.0% over Prime based on the instructions of the company for individual draws. The facility matures in September 2013.
Frank Harrison, Bronco’s Chairman and CEO stated, “We are very pleased to be able to put this facility in place during a very challenging time in the credit markets. This facility will provide the liquidity and flexibility to move forward with the company’s strategic goals.”
Fortis Bank is the facility’s Administrative Agent and acted as Joint Lead Arranger and Sole Bookrunner for the banks in the syndicate, which include Royal Bank of Scotland, who acted as Joint Lead Arranger and Co-Syndication Agent, Prudential Insurance Company, who acted as Co-Syndication Agent, The CIT Group/Business Credit, Caterpillar Financial Services, Natixis and Legacy Bank.
About Bronco Drilling
Bronco Drilling Company, Inc., a publicly held company headquartered in Edmond, Oklahoma, is a provider of contract land drilling services and workover services to oil and natural gas exploration and production companies. Bronco's common stock is quoted on The Nasdaq Global Market under the symbol “BRNC.”
Contact:
Bob Jarvis
Investor Relations
Bronco Drilling Company
(405) 242-4444 EXT: 102
bjarvis@broncodrill.com
Source: Bronco Drilling Company, Inc.
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