New Issue: Patterson-UTI Energy sells $400 million 7.15% 10-year senior notes at 290 bps spread

By Wendy Van Sickle

Columbus, Ohio, Sept. 11 – Patterson-UTI Energy, Inc. priced $400 million of 7.15% 10-year senior notes (Baa3/BBB-/BBB-) on Monday at a spread of 290 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.753 to yield 7.184%.

Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc. and Goldman Sachs & Co. LLC were the bookrunners.

Proceeds will be used for general corporate purposes and to repay outstanding borrowings under the company’s credit agreement.

Based in Houston, Patterson-UTI provides onshore contract drilling and pressure pumping services to oil and natural gas exploration and production companies.

Issuer:	Patterson-UTI Energy, Inc.
Amount:	$400 million
Issue:	Senior notes
Maturity:	Oct. 1, 2033
Bookrunners:	Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc. and Goldman Sachs & Co. LLC
Senior co-managers:	Scotia Capital (USA) Inc. and HSBC Securities (USA) Inc.
Co-managers:	BOK Financial Securities, Inc. and Comerica Securities, Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Gibson, Dunn & Crutcher
Counsel to underwriters:	Latham & Watkins LLP
Coupon:	7.15%
Price:	99.753
Yield:	7.184%
Spread:	Treasuries plus 290 bps
Call features:	Make-whole call before July 1, 2033 at Treasuries plus 45 bps; thereafter at par
Trade date:	Sept. 11
Settlement date:	Sept. 13
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Cusip:	703481AD3

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