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Patterson-UTI Energy to redeem all 4.27% series B notes due 2022
By Wendy Van Sickle
Columbus, Ohio, Nov. 15 – Patterson-UTI Energy, Inc. said it will redeem all of its 4.27% series B senior notes due June 14, 2022, according to a news release.
The notes will be redeemed on Dec. 16 at a make-whole premium for a total payment of $316 million plus accrued interest to the redemption date.
The redemption will be funded by proceeds of $350 million of new 5.15% senior notes due 2029.
Based in Houston, Patterson-UTI provides onshore contract drilling and pressure pumping services to exploration and production companies.
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