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Get filing alertsPatterson-UTI refinances $482.5M debt, extends maturity to 2036 at higher rate
Filed June 4, 2026 · Period ending June 4, 2026 · ~1 min read
Key Changes
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Redeemed all $482.5M of 3.95% 2028 notes at par using proceeds from new $500M 6.050% 2036 notes issued May 2026, extending maturity 8 years but increasing coupon by 211 basis points.
Item 8.01 — Other Events verify on EDGAR → -
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Stockholders approved 28.9M share increase to 2021 Long-Term Incentive Plan with 97.7% support (319.7M for, 7.4M against), expanding equity compensation capacity.
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR → -
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All 10 directors elected with 97.1%–99.9% support of votes cast; support ranged from 83.7%–86.1% of 379.6M shares outstanding.
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR → -
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Say-on-pay approved with 95.2% support (311.5M for, 15.6M against), representing 82.1% of shares outstanding.
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR → -
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PricewaterhouseCoopers ratified as 2026 auditor with 97.0% support (334.9M for, 10.3M against).
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR →
Summary
Patterson-UTI completed a debt refinancing on June 4, 2026, redeeming all $482.5 million of its 3.95% Senior Notes due 2028 at par plus accrued interest. The redemption was funded with proceeds from a new $500 million issuance of 6.050% Senior Notes due 2036 that closed May 19, 2026.
This transaction extends the company's debt maturity profile by eight years, pushing the repayment obligation from 2028 to 2036, but increases the annual interest expense by over 200 basis points—reflecting the higher interest rate environment since the original notes were issued. At the June 4 annual meeting, stockholders approved all management proposals with strong support.
The most significant was a 28.9 million share increase to the 2021 Long-Term Incentive Plan, which passed with 97.7% approval and expands the company's equity compensation capacity for employees and directors. All ten director nominees were re-elected with support ranging from 97.1% to 99.9% of votes cast. The say-on-pay vote passed with 95.2% support, and the auditor ratification received 97.0% approval. Meeting participation was robust at 91.0% of shares outstanding.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 4, 2026, the Company completed its previously announced redemption of all the approximately $482.5 million aggregate principal amount of its outstanding 3.95% Senior Notes due 2028 (the “2028 Notes”). The 2028 Notes were redeemed at a redemption price of 100.00% of the principal amount of the 2028 Notes outstanding, plus accrued and unpaid interest to the redemption date. The redemption of the 2028 Notes was funded using a portion of the net proceeds from the Company’s previously announced offering of $500 million aggregate principal amount of its 6.050% Senior Notes due 2036 that closed on May 19, 2026.
Patterson-UTI completed a debt refinancing, redeeming all $482.5 million of its 3.95% Senior Notes due 2028 at par (100% of principal) plus accrued interest. The redemption was funded with proceeds from a new $500 million issuance of 6.050% Senior Notes due 2036 that closed May 19, 2026. This extends the company's debt maturity profile by eight years but increases the coupon rate from 3.95% to 6.050%, reflecting higher current interest rate conditions.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 1, 2026, subject to the approval of the stockholders of the Company, the Board of Directors of the Company approved an amendment to the 2021 Plan to increase the number of shares available for issuance under the 2021 Plan by 28.9 million shares
The Board approved an amendment to increase the share pool under the 2021 Long-Term Incentive Plan by 28.9 million shares, subject to stockholder approval. This amendment was subsequently approved by stockholders at the June 4, 2026 annual meeting, expanding the equity compensation capacity available for employee and director grants.
Event · Item 5.07 — Submission of Matters to a Vote of Security Holders
Annual meeting held June 4, 2026: all 10 directors elected, auditor ratified, equity plan amendment and say-on-pay approved.
Added in current filing · verify on EDGAR →
To approve an amendment to the Patterson-UTI Energy, Inc. 2021 Long-Term Incentive Plan.
Votes ForVotes AgainstAbstentionsBroker Non-votes
319,700,1147,391,767199,42418,069,100
Shareholders approved an amendment to the 2021 Long-Term Incentive Plan with 97.7% support (votes for divided by votes for plus votes against). This represents 84.2% of shares outstanding. The amendment expands the company's ability to grant equity-based compensation.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
To ratify the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.
Votes ForVotes AgainstAbstentionsBroker Non-votes
334,874,71110,307,536178,1580
Shareholders ratified PricewaterhouseCoopers LLP as the independent auditor for fiscal 2026 with 97.0% support (votes for divided by total votes cast). This represents 88.2% of shares outstanding.
Added in current filing · verify on EDGAR →
Of the 379,615,632 shares of the Company’s Common Stock outstanding and entitled to vote at the meeting, 345,360,405 were present either in person or by proxy.
The meeting achieved 91.0% participation, with 345,360,405 shares represented out of 379,615,632 shares outstanding and entitled to vote.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify