Patterson-UTI Energy has issued and sold $300 million aggregate principal amount of unsecured 4.27% Series B Senior Notes due June 14, 2022. The Company sold the notes in a private placement to accredited investors pursuant to an exemption from registration under the Securities Act of 1933, as amended.

The Company used most of the proceeds from the sale of the notes to pay off its revolving line of credit and term loan under its bank credit facility. The remaining proceeds will be used for general corporate purposes.

Tags: Patterson-UTI Energy