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

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.

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