Loan & DebtApr 28, 2026, 08:08 AM
PTEN Extends $450M Credit Facility Maturity to Jan 2031
AI Summary
Patterson-UTI Energy, Inc. amended its Second Amended and Restated Credit Agreement, extending the maturity date for $450 million of its $500 million revolving credit facility to January 31, 2031. This amendment also included an assignment of a $25 million commitment from HSBC Bank USA, N.A. to JPMorgan Chase Bank, N.A. The company retains options for further extensions and updated various definitions and fee structures within the agreement.
Key Highlights
- Maturity date for $450,000,000 of the $500,000,000 credit facility extended to January 31, 2031.
- HSBC Bank USA, N.A. assigned $25,000,000 of its commitment to JPMorgan Chase Bank, N.A.
- The total aggregate commitment for the credit facility remains $500,000,000.
- Patterson-UTI Energy retains two one-year extension options for the maturity date.
- Terms for Letter of Credit Fees and Fronting Fees were amended.
Price Impact
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