HOUSTON, Jan. 10, 2018 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) (the
"Company") announced today that it has priced its previously
announced private offering of $525
million aggregate principal amount of 3.95% senior notes due
2028. The notes initially will be guaranteed on a senior unsecured
basis by each of the Company's domestic subsidiaries that are
guarantors under its credit agreement.
The Company intends to use the net proceeds to repay amounts
outstanding under its credit agreement and for general corporate
purposes.
The offering is expected to close on January 19, 2018, subject to the satisfaction of
customary closing conditions.
The notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or the securities laws of
any other jurisdiction and may not be offered or sold in
the United States or to U.S.
persons absent registration or an applicable exemption from the
registration requirements under the Securities Act and applicable
state securities laws or blue sky laws.
The notes and the guarantees will be offered only to qualified
institutional buyers under Rule 144A under the Securities Act and
to persons outside the United
States under Regulation S under the Securities Act.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
No PRIIPs KID. Not for retail investors in the EEA. No
PRIIPs key information document (KID) has been prepared as not
available to retail in EEA.
Cautionary Statement Regarding Forward-Looking
Statements
This 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 the meaning of the federal securities laws.
These statements are subject to numerous risks and uncertainties,
many of which are beyond Patterson-UTI's control, which could cause
actual results to differ materially from the results expressed or
implied by the statements. These risks and uncertainties
include, but are not limited to: volatility in customer spending
and in oil and natural gas prices, which could adversely affect
demand for Patterson-UTI's services and their associated effect on
rates, utilization, margins and planned capital expenditures;
global economic conditions; excess availability of land drilling
rigs and pressure pumping equipment, including as a result of low
commodity prices, reactivation or construction; liabilities from
operations; weather; decline in, and ability to realize, backlog;
equipment specialization and new technologies; shortages, delays in
delivery and interruptions of supply of equipment and materials;
ability to hire and retain personnel; loss of, or reduction in
business with, key customers; difficulty with growth and in
integrating acquisitions; governmental regulation; product
liability; legal proceedings; political, economic and social
instability risk; ability to effectively identify and enter new
markets; cybersecurity risk; dependence on our subsidiaries to meet
our long-term debt obligations; variable rate indebtedness risk;
and anti-takeover measures in our charter documents.
Additional information concerning factors that could cause
actual results to differ materially from those in the
forward-looking statements is contained from time to time in
Patterson-UTI's SEC filings. Patterson-UTI's filings may be
obtained by contacting Patterson-UTI or the SEC or through the
SEC's Electronic Data Gathering and Analysis Retrieval System
(EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no
obligation to publicly update or revise any forward-looking
statement.
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SOURCE PATTERSON-UTI ENERGY, INC.