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 |
|Target (Company) ||Patterson-UTI Energy, Inc. |
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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