PATTERSON UTI ENERGY INC 8-K

What Happened

• Patterson-UTI Energy, Inc. announced on May 19, 2026 that it completed an offering of $500 million aggregate principal amount of 6.050% Senior Notes due 2036. The Notes were issued under the company’s base indenture (dated Nov. 15, 2019) and a third supplemental indenture dated May 19, 2026. The company intends to use net proceeds to redeem its outstanding 3.95% Senior Notes due 2028 and for general corporate purposes. Interest on the new Notes is payable May 15 and November 15 each year, and the Notes mature on May 15, 2036.

Key Details

• $500.0 million principal amount issued; coupon 6.050% per annum.
• Maturity date: May 15, 2036; interest dates: May 15 and Nov 15.
• Use of proceeds: to redeem outstanding 3.95% Senior Notes due 2028 and for general corporate purposes.
• Notes are senior unsecured obligations, rank equally with other senior unsecured debt, are effectively subordinated to any secured debt and structurally subordinated to liabilities of non‑guarantor subsidiaries; no subsidiaries are currently required to guarantee the Notes.
• Redemption features: company may redeem in whole or in part prior to Feb 15, 2036 at specified prices in the indenture; beginning Feb 15, 2036 may redeem at 100% of principal plus accrued interest.

Why It Matters

• This transaction changes Patterson-UTI’s debt profile by replacing the existing 3.95% notes due 2028 with longer‑dated 6.05% notes due 2036, extending the company’s maturity schedule.
• The Notes are senior unsecured, so their recovery priority is lower than any future secured debt and below obligations of subsidiaries that do not guarantee the Notes. Investors should note the higher coupon and longer maturity relative to the 2028 notes and review future filings for the actual redemption of the 2028 notes and any related cash impacts.