Pacific Drilling has taken another step towards exiting Chapter 11.
The Luxembourg-based company closed a private offering of $1bn in senior secured notes earmarked for getting it out of bankruptcy.
The debt consists of $750m in 8.375% first lien notes due 2023 and $250m in 11%-12% second lien notes due 2024.
The net proceeds have been put into separate escrow accounts pending Pacific Drilling’s emergence from Chapter 11 bankruptcy.
