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Patterson-UTI Announces New Term Loan Agreement and Intention to Reduce Total Debt by $150 Million
HOUSTON, Aug. 23, 2019 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that the Company has entered into a $150 million senior
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":"HOUSTON, Aug. 23, 2019 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that the Company has entered into a $150 million senior unsecured term loan agreement maturing June 2022. Wells Fargo Bank, N.A. served as administrative agent, co-lead arranger and lender, with U.S. Bank, N.A. serving as syndication agent, co-lead arranger and lender. The Company intends to use the proceeds from this loan, which will bear interest at a rate of Libor + 1.125%, along with cash on hand to repay the $300 million of borrowings under its 4.97% Series A senior notes due October 2020.\nAndy Smith, Patterson-UTI's Chief Financial Officer, stated, \"The terms and conditions of this new loan are consistent with our investment grade credit rating, and the ultimate result of these transactions will be a reduction of $150 million in total debt outstanding. Additionally, these transactions will further enhance our already strong financial position. We will continue to have strong liquidity and will have no term debt maturities until 2022.\" \nAbout Patterson-UTI \nPatterson-UTI is a provider of oilfield services and products to oil and natural gas exploration and production companies in North America, including market leading positions in contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com. \nCautionary Statement Regarding Forward-Looking Statements\nThis press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as \"anticipate,\" \"believe,\" \"budgeted,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"plan,\" \"predict,\" \"potential,\" \"project,\" \"pursue,\" \"should,\" \"strategy,\" \"target,\" or \"will,\" and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within th...