Independence Contract Drilling, Inc. (NYSE: ICD) and Sidewinder Drilling, LLC have jointly announced a merger agreement for ICD to acquire all outstanding Sidewinder equity interests.

The acquisition allows ICD to more than double its fleet of rigs to 34, following upgrades to five of Sidewinder’s rigs.

In conjunction with this acquisition ICD has received binding commitments for a $130 million, secured, five-year-non-amortizing term loan and a $40-million revolving credit facility, which will be entered into upon closing of the acquisiti...

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