Patterson-Uti Energy entered into a $150 million senior term loan agreement maturing in June 2022. Wells Fargo Bank served as administrative agent, co-lead arranger and lender. U.S. Bank served as syndication agent, co-lead arranger and lender.
The company intends to use the proceeds from this loan, which will bear interest at a rate of Libor + 1.125%, along with cash on hand to repay the $300 million of borrowings under its 4.97% Series A senior notes due October 2020.
“The terms and conditions of this new loan are consistent with our investment grade credit rating, and the ultimate result of these transactions will be a reduction of $150 million in total debt outstanding,” said Andy Smith, Patterson-UTI’s CFO.
Patterson-UTI is a provider of oilfield services and products to oil and natural gas exploration and production companies in North America.
