Pacific Drilling (PACD) has just announced that it has entered into a $50 million first-lien superpriority revolving credit agreement with Angelo Gordon. The company noted that this three-year facility represented a portion of the company’s permitted indebtedness while preserving capacity for additional debt – up to $50 million with respect to a capital lease facility or up to $50 million through use of general indebtedness basket.
Pacific Drilling finished the third quarter with $356 million of cash on the balance sheet. The company has $1.06 billion of debt but maturities are due in