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  • Energy Archive News

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    Patterson-UTI Energy Prices Public Offering of 7.15% Senior Notes, Due 2033, for USD400 Million

    September 12, 2023 - Marketline - Deals


      Deal In Brief

      Patterson-UTI Energy LLC, a provider of drilling and completion services to oil and natural gas exploration and production company, has priced public offering of 7.15% senior unsecured notes, due October 1, 2033, for gross proceeds of USD400 million. Interest on the notes will be payable on April 1 and October 1 of each year, with interest payments on the Notes commencing on April 1, 2024

      Wells Fargo Securities LLC, U.S. Bancorp Investments Inc, and Goldman Sachs & Co LLC are acting as joint book runners. Scotia Capital (USA) Inc and HSBC Securities (USA) Inc are acting as senior co-manager, whereas BOK Financial Securities Inc and Comerica Securities Inc are acting as co-managers while Gibson, Dunn & Crutcher LLP and Latham & Watkins LLP are acting as legal advisors to the company for the offering

      The offering is expected to close on September 13, 2023.

      Deal Value (US$ Million) 400
      Deal Type IPO
      Sub-Category Secondary Offering,Pricing
      Deal Status Announced: 2023-09-11

      Deal Participants

      Target (Company) Patterson-UTI Energy, Inc.

      Deal Rationale

      The company intends use the net proceeds to it from this offering to repay outstanding borrowings under its Credit Agreement and for general corporate purposes.

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)


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