 CALGARY, Alberta, June 15, 2021 GLOBE NEWSWIRE -- Precision Drilling Corporation Precision or the Company announced today the closing of its previously announced private offering of US400 million aggregate principal amount of 6.875 Senior Notes due 2029 the Notes, issued at a price equal to 99.253 of the face value, in a transaction that was exempt from the registration requirements of the U.S. Securities Act of 1933, as amended the Securities Act. The Notes are guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries of Precision that also guarantee Precisions revolving credit facility and certain other future indebtedness. As previously announced, Precision will 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 the 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 2024 Notes will occur on June 16, 2021 and interest will cease to accrue on the 2023 Notes and 2024 Notes on that date. 