Loan & DebtMay 6, 2026, 09:01 AM
Patterson-UTI Energy Issues $500M Senior Notes, Redeems 2028 Notes
AI Summary
Patterson-UTI Energy, Inc. has entered into an underwriting agreement for the sale of $500 million aggregate principal amount of 6.050% Senior Notes due 2036. The company intends to use the net proceeds from this offering, along with cash on hand and borrowings, to redeem its approximately $482.5 million outstanding 3.95% Senior Notes due 2028. The redemption of the 2028 Notes is conditional upon the completion of the new senior debt securities offering.
Key Highlights
- Patterson-UTI Energy issued $500 million aggregate principal amount of 6.050% Senior Notes due 2036.
- The company entered an underwriting agreement with Goldman Sachs, Wells Fargo, and Scotia Capital.
- Net proceeds from the offering will be used to redeem 3.95% Senior Notes due 2028.
- Approximately $482.5 million of outstanding 2028 Notes will be conditionally redeemed.
- The 2028 Notes redemption is conditioned on the completion of the new debt offering by June 4, 2026.
- The new notes offering is expected to close on May 19, 2026.
- Funding for the 2028 Notes redemption will also include cash on hand and revolving credit facility borrowings.