Patterson-UTI issues $500M senior notes at 6.05% to refinance 2028 debt at higher rate

Filed May 6, 2026 · Period ending May 5, 2026 · ~1 min read

Key Changes

• high

  Company sold $500M of 10-year senior notes at 6.050% due 2036, a significant rate increase from the 3.95% on debt being refinanced. Higher borrowing costs will increase annual interest expense by approximately.

  Item 1.01: Underwriting Agreement view on EDGAR →
• high

  Proceeds will redeem $482.5M of existing 3.95% Senior Notes due 2028, extending maturity by 8 years but at 210 basis points higher cost. Balance goes to general corporate purposes.

  Item 8.01: Use of Proceeds verify on EDGAR →
• medium

  Redemption of 2028 notes is conditional on completing the debt offering by June 4, 2026. If offering fails, company may need to use revolving credit or other financing to address 2028 maturity.

  Item 8.01: Conditional Redemption verify on EDGAR →