Loan & DebtJun 4, 2026, 05:01 PM
Patterson-UTI Redeems $482.5M Senior Notes, Funds with New $500M Notes
AI Summary
Patterson-UTI Energy Inc. completed the redemption of approximately $482.5 million aggregate principal amount of its 3.95% Senior Notes due 2028. This redemption was funded using a portion of the net proceeds from the company's previously announced offering of $500 million aggregate principal amount of 6.050% Senior Notes due 2036. Additionally, at its Annual Meeting, stockholders approved an amendment to the 2021 Long-Term Incentive Plan, increasing the number of shares available for issuance by 28.9 million shares. Stockholders also elected ten directors, ratified PricewaterhouseCoopers LLP as the independent auditor, and approved executive compensation on an advisory basis.
Key Highlights
- Patterson-UTI redeemed $482.5 million of its 3.95% Senior Notes due 2028.
- The redemption price was 100.00% of the principal amount plus accrued interest.
- Redemption was funded by $500 million aggregate principal amount of 6.050% Senior Notes due 2036.
- Stockholders approved an amendment to the 2021 Long-Term Incentive Plan, increasing shares by 28.9 million.
- Ten directors were elected to the Company's Board of Directors.
- PricewaterhouseCoopers LLP was ratified as the independent auditor for fiscal year 2026.
- Stockholders approved, on an advisory basis, the compensation of named executive officers.
- The 2021 Long-Term Incentive Plan amendment was approved with 319.7 million votes for.
Price Impact
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