PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement.
Credit Facility Commitment Increase
On January 24, 2017, Patterson-UTI Energy, Inc. (the Company and
our) entered into an agreement with certain lenders under its
revolving credit facility to exercise approximately $95.8 million
of the $100 million commitment increase feature available
thereunder in order to increase the aggregate commitments under
the revolving credit facility to approximately $595.8 million.
The effectiveness of the aggregate commitment increase is subject
to certain conditions, including the consummation of our
previously announced merger with Seventy Seven Energy Inc. (SSE),
the repayment and termination of the SSE credit facility and an
offering of the Companys common stock that results in gross
offering proceeds to the Company of not less than $300 million by
May 31, 2017, as well as other customary conditions.
The foregoing is qualified in its entirety by reference to the
Commitment Increase Agreement, dated as of January 24, 2017, by
and among the Company, certain subsidiaries of the Company party
thereto, Wells Fargo Bank, N.A., as administrative agent, issuer
of letter of credit and swing line lender and the other lenders
party thereto, a copy of which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by
reference.
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Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
ExhibitNo. |
Description of Exhibit |
|
| 10.1 |
Commitment Increase Agreement, dated as of January 24, 2017, by and among the Company, certain subsidiaries of the Company party thereto, Wells Fargo Bank, N.A., as administrative agent, issuer of letter of credit and swing line lender and the other lenders party thereto. |
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About PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN)
Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Company provides pressure-pumping services to oil and natural gas operators. The Company also invests in oil and natural gas properties. The Company’s Contract Drilling segment markets its contract drilling services to oil and natural gas operators. The Company’s Pressure Pumping segment provides pressure-pumping services to oil and natural gas operators in Texas and the Appalachian region. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico. Pressure pumping services consist of well stimulation, such as hydraulic fracturing. PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) Recent Trading Information
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) closed its last trading session up +1.73 at 28.73 with 5,462,042 shares trading hands.
