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Pioneer Energy Services pays off $150 million in debt

Sergio Chapa
American City Business Journals

In a Wednesday afternoon filing with the U.S. Securities and Exchange Commission, Pioneer Energy Services Corp. (PES) reported that it has paid off the $101.7 million balance and retired the company's $150 million revolving credit facility. Pioneer Energy Services Executive Vice President and Chief Financial Officer Lorne Phillips reported in the SEC filing that the company used a new $175 million senior-secured term loan and a new $75 million senior-secured revolving asset-based lending facility to pay off its previous debt. The senior-secured term loan is set to mature in November 2022.