Pioneer Drilling (PDC) Prices 3.82M Shares at $6.75/Share
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Pioneer Drilling Company (NYSE Amex: PDC) today announced that it has priced a public offering of 3.82 million newly issued shares of its common stock at a public offering price of $6.75 per share. Jefferies & Company, Inc. is the sole underwriter for this offering. The Company has granted the underwriter a 30-day option to purchase up to 573,000 additional shares to cover over-allotments, if any. The offering is expected to close on November 17, 2009, subject to customary closing conditions.
The Company intends to use the proceeds it receives from the offering (net of underwriting discounts and expenses) for general corporate purposes, which may include capital expenditures, working capital, acquisitions or the repayment or refinancing of indebtedness.
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