Patterson-UTI Energy, Inc. (NASDAQ: PTEN) Propose To Issue Senior Notes In Private Offering

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) recently announced that it wants to issue senior notes in a private offering to the eligible purchasers. Currently, the domestic subsidiaries of the company are the guarantors under the credit agreement and they will guarantee the notes initially on a senior unsecured basis.

In its recent announcement the company has said that it has priced its previously announced $525 million private offering of 3.95% senior notes that are due 2028. According to reports, the company will use the net process for general corporate purposes and also to repay some debt under the credit agreement. The private offering from Patterson-UTI Energy will be closing on January 19, 2018, subject to fulfillment of the customary closing conditions.

The private offering of the notes and the guarantees are only available for qualified institutional buyers under the Rule 144A related to the Securities Act and to the individual outside the United States under Regulation S related to the Securities Act.

Patterson-UTI Energy, Inc Stocks Gained In 2017

According to reports, the stock price of Patterson-UTI gained 0.56 or +2.43% in 2017 and in the past period of three months the shares have appreciated +2.53 or +12.02%.  The average Wall Street rating from the analysts for the company is Strong Buy based on the average scores from 20 analysts. The company with a market cap of $5.30 billion received an interesting score from the analysts.

Of the analysts’ scores, 14 rated Patterson-UTI stocks as Strong Buy, 4 have rated it as Hold. Interestingly none of the analysts have rated it as a Moderate Sell.

The company provides onshore contract drilling services through its subsidiaries to major, independent natural gas and oil operators in Canada and the United States.  The Contract Drilling segment of the company markets its related services mainly in southeastern New Mexico, Texas, Colorado, northern Louisiana, North Dakota, Wyoming, Pennsylvania, Oklahoma, Western Canada, West Virginia, and Ohio.

As of now, the company boasts of 34 new institutional holders holding shares worth $11.87 million and the sold out positions were 54 amounting to 15.43 million shares.

 

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John Eisler

John Eisler

John is a special projects and general assignment reporter, noted for breaking several exclusive stories.