Patterson-UTI Energy to redeem all 4.97% series A notes due 2020

By Sarah Lizee

Olympia, Wash., Aug. 23 – Patterson-UTI Energy, Inc. said it will redeem all of its 4.97% series A senior notes due Oct. 5, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed on Sept. 25 using $150 million in borrowings from a new term loan agreement and the remainder from cash on hand.

The total amount of the prepayment, including the applicable premium, is expected to be about $309 million, plus accrued interest to the prepayment date.

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

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