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Helmerich & Payne Completes Sale of Utica Square
Helmerich & Payne, Inc. (NYSE: HP) today announced it has completed the sale of Utica Square,...
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[{"type":"text","content":"Helmerich & Payne Completes Sale of Utica Square\n\n\n .bwuline { text-decoration: underline }\n \n\n\n\n Helmerich & Payne, Inc. (NYSE: HP) today announced it has completed the sale of Utica Square, the Tulsa retail center it has owned for more than six decades, to funds managed by Northwood Investors, LLC, a privately held real estate equity firm that owns and operates real estate across the United States.\n \n\n The sale reflects continued progress on H&P’s debt reduction goals, with after-tax proceeds exceeding the previously communicated $100 million divestiture target and providing funding to largely retire the company’s remaining term loan balance.\n \n\n “This transaction aligns with our portfolio optimization strategy following the acquisition of KCA Deutag, accelerates the company’s capability to de-lever the balance sheet and concentrates the portfolio on our core drilling solutions business,” said Kevin Vann, chief financial officer.\n \n\n Upon the close of the transaction, Northwood assumed ownership of Utica Square and Northwood Retail LLC, an affiliate of Northwood, assumed management of the property. Utica Square has been part of the H&P portfolio since the 1960s and has long been recognized as one of Tulsa’s most distinctive retail destinations.\n \n\n “Utica Square has been an important part of our company’s history and of the Tulsa community for many years,” said Hans Helmerich, chairman of the board. “We are grateful for the generations of tenants, employees and visitors who helped make Utica Square the special place it is today. As we considered the future of the property, it was important to us to find a buyer with the experience and long-term perspective to continue its legacy. We believe Northwood is well positioned to serve as an excellent steward of Utica Square and support its continued success in the Tulsa community.”\n \n\n\n\n About Helmerich & Payne, Inc.\n \n\n\n\n Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Compa...