Pioneer Energy Services Emerges From Chapter 11 Bankruptcy

Pioneer Energy Services said it has emerged from Chapter 11 bankruptcy protection, reducing total debt by ~$267m to $208m.

• Debt consists of $78m of floating rate senior secured notes due May 2025, with 50% of the interest in the first year paid in-kind rather than in cash, and $130m of 5% convertible notes due November 2025, with all interest paid in-kind rather than in cash
  • Upon conversion of the convertible notes, and assuming no additional debt (including borrowings under revolver), would have $82.4m of debt outstanding, which includes paid in-kind interest
• Obtained a new $75m asset backed revolving credit facility ...