 CALGARY, Alberta, June 01, 2021 GLOBE NEWSWIRE -- Precision Drilling Corporation Precision or the Company announced today that it intends, subject to market and other conditions, to offer US400,000,000 aggregate principal amount of senior notes due 2029 the Notes in a private offering that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended the Securities Act. The Notes will be guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries that also guarantee Precisions revolving credit facility and certain other future indebtedness. Precision plans to use the net proceeds from the offering, together with unutilized capacity under its revolving credit facility, to: i redeem in full US286 million aggregate principal amount of its 7.750 Senior Notes due 2023 2023 Notes; and ii redeem in full US263 million aggregate principal amount of its 5.250 Senior Notes due 2024 2024 Notes. The redemption of the 2023 Notes and the 2024 Notes is conditional upon the completion of the Notes offering. 