Patterson-UTI completes $500M debt offering at 6.050%, refinancing 2028 notes at higher rate

Filed May 19, 2026 · Period ending May 19, 2026 · ~1 min read

Key Changes

• high

  Issued $500 million in 10-year senior notes at 6.050% interest, maturing in 2036. Proceeds will redeem existing 2028 notes that carry a lower 3.95% rate, increasing annual interest expense but extending debt maturity by 8 years.

  Item 1.01 verify on EDGAR →
• high

  Refinancing trades lower interest costs for longer runway: moving from 3.95% to 6.050% increases borrowing costs by over 50%, but pushes maturity from 2028 to 2036, reducing near-term refinancing risk.

  Item 1.01 verify on EDGAR →
• medium

  Company retains flexibility to redeem notes early at a premium before February 2036, or at par value after that date, providing optionality if interest rates decline.

  Item 1.01 verify on EDGAR →