Tuscany Pulls Bond Debut

Tuscany International Drilling has officially cancelled its bond plans, it says, citing market conditions. “While Tuscany had hoped to opportunistically access the debt capital markets to refinance its existing credit facilities, market indicators suggested the anticipated size of the offering and its associated cost of capital would not be in the best interests of Tuscany’s shareholders,” it says. The Canadian-based land drilling services provider predominately operating in LatAm had issued initial price thoughts of low 10%-area and was aiming to sell a $200m 2019 NC4 bond, following meetings in Canada, Latin America and the US that stretched through this week. Credit Suisse and Scotia were managing. The terms of its existing credit facilities remain appropriate for the company’s present operations, it adds. Approximately 60% of Tuscany’s fleet is concentrated in Colombia and Brazil.