09:06 AM EDT, 07/08/2024 (MT Newswires) -- Precision Drilling Corporation ( PDS ) has extended its senior credit facility and says it is "on track" to meet its 2024 debt reduction and share repurchase targets.

The company extended its credit facility's maturity date to June 28, 2027, and revised the size to US$375 million (from US$447 million). The facility includes an accordion feature to increase it to US$750 million.

Precision has reduced debt by $103 million since January, which it notes is "significant progress" toward its 2024 debt reduction target of $150 million to $200 million. The company's outstanding debt obligations amount to $625 million due between 2025 and January 2029.

Precision returned $24 million to shareholders through share repurchases under its Normal Course Issuer Bid. For the first six months of the year, Precision bought back 369,309 shares for $34 million.