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Patterson-UTI Extends Maturity on Credit Agreement; Repays Bank Loans
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Patterson-UTI Energy Inc. has amended its $500 million senior unsecured revolving credit agreement to, among other things, extend the maturity date of $357.9 million in revolving credit commitments of certain lenders from September 27, 2017 to March 27, 2019.
In addition, the Company has repaid the entire outstanding $230 million principal amount of its bank term loans, and has $70 million outstanding under the revolving credit facility.
The amendment provides that borrowings under the revolving credit facility will be subject to a borrowing base calculated by reference to the Company's and certain of its subsidiaries' eligible equipment, inventory, accounts receivable and unencumbered cash. When the borrowing base is determined based on July 31, 2016 balances, the Company expects its…
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