Moody’s rates Patterson notes Baa3

Moody's Investors Service said it rated Patterson-UTI Energy, Inc.'s planned $400 million of senior unsecured notes due 2033.

Patterson's other ratings and stable outlook remain unchanged. The agency affirmed Patterson’s Baa3 senior unsecured rating on Sept. 16, 2022.

"Patterson-UTI Energy's merger with NexTier and acquisition of Ulterra enhance its market position as a leading drilling and completion services provider to oil and gas producers, while the substantial amount of equity funding enables the company to maintain low financial leverage," commented Jonathan Teitel, a Moody's senior analyst, in a press release.

Patterson will use the proceeds to repay borrowings on its revolver that were incurred to finance the acquisition of Ulterra Drilling Technologies, LP and the merger with NexTier Oilfield Solutions Inc.

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