Patience Pays Off For Grant Prideco

Laughlin, Kate
July 2005
Investment Dealers' Digest;7/25/2005, Vol. 71 Issue 29, p10
Trade Publication
The article reports that the oil drilling equipment and services company, Grant Prideco Inc., took advantage of a healthy rebound in the high-yield bond market to place a transaction with very aggressive terms, earlier in July 2005. On a historical basis, long-term rates are at relatively low levels and spreads have narrowed over the last several months. The bond deal priced earlier this month at 6.125%. It is the second component of the company's comprehensive refinancing package, which also includes a new $350 million senior secured credit facility that closed in May 2005.


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