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Patterson-UTI gets $220 million unsecured revolver
By Sara Rosenberg
New York, March 25 - Patterson-UTI Energy Inc. closed on a new $220 million senior unsecured revolving credit facility due Jan. 31, 2012, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
Wells Fargo and Bank of America acted as the co-lead arrangers and joint bookrunners on the deal that was completed on March 20, with Wells Fargo the administrative agent.
Pricing can range from Libor plus 300 basis points to 400 bps and the commitment fee can range from 100 bps to 112.5 bps based upon the company's debt to capitalization ratio.
Financial covenants include a debt to capitalization ratio not to exceed 35% at any time and an interest coverage ratio as of the last day of a fiscal quarter of no less than 3.00 to 1.00.
There is a $230 million accordion feature.
Proceeds were used to refinance an existing credit facility.
Patterson-UTI is a Houston-based provider of onshore contract drilling services.
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