Precision rights offering to raise $103 million for debt

Precision Drilling Trust (TSX:PD.UN) said Monday that it will raise up to $103 million in a rights offering to unitholders that will be used to repay debt and general corporate purposes.

CALGARY — Precision Drilling Trust (TSX:PD.UN) said Monday that it will raise up to $103 million in a rights offering to unitholders that will be used to repay debt and general corporate purposes.

The trust said each unitholder and holders of exchangeable units of Precision Drilling Limited Partnership will receive one transferable right for every trust unit or exchangeable unit held.

Every seven rights will entitle a holder to buy one trust unit for $3.

Unitholders will also have the opportunity to buy additional units at the same subscription price if other unitholders do not exercise their subscription rights in full.

Precision units closed down 30 cents at $5.40 on the Toronto Stock Exchange on Monday.

A maximum of 34.4 million units will be issued pursuant to the rights offering, representing approximately 14.5 per cent of the currently issued and outstanding units.

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