Patterson-UTI to sell fixed-rate notes due 2029 via four bookrunners

By Devika Patel

Knoxville, Tenn., Nov. 7 – Patterson-UTI Energy, Inc. plans to price fixed-rate senior notes due 2029, according to a 424B2 filed with the Securities and Exchange Commission.

The notes have a make-whole call and then a par call.

Goldman Sachs & Co. LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC are the bookrunners.

U.S. Bancorp Investments Inc. is the senior co-manager, and BofA Securities, Inc. is the co-manager.

Proceeds will be used to repay in full the company’s 4.27% series B senior notes due June 14, 2022, to pay down borrowings under its term loan facility and for general corporate purposes.

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

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