Patterson-UTI Energy Inc.
Description
Patterson-UTI Energy Inc. said on Jan. 5 that it is proposing to issue senior notes to eligible purchasers in a private offering. The notes initially will be guaranteed on a senior unsecured basis by each of the company's domestic subsidiaries that are guarantors under its credit agreement. The company intends to use the net proceeds to repay amounts outstanding under its credit agreement and for general corporate purposes.
Patterson-UTI Energy Inc. closed its private offering of $525 million aggregate principal amount of 3.95% senior notes due 2028 on Jan. 19. The notes initially will be guaranteed on a senior unsecured basis by each of the company's domestic subsidiaries that are guarantors under its credit agreement.