One-Page Deal Sheet
Patterson UTI Acquires Seventy Seven Energy; Becomes Top Pressure Pumper
Patterson-Uti Energy Inc. Seventy Seven Energy Inc.
Announced Date
December 13,2016
Close Date
April 20,2017
Transaction Type
Corporate
Location
Region
Rockies - DJ Basin,Gulf Coast - South Texas,Ark-La-Tex - East Texas,Permian,Northeast
Country
United States
State
Pennsylvania
Play
Eagle Ford Shale,Marcellus Shale,Utica Shale,Permian Basin,Haynesville Shale,DJ Basin,Haynesville-Bossier-CottonValley
Transaction Details: Subscribe to see
Closing Announcement - April 20, 2017
Patterson UTI has closed its merger with Seventy Seven Energy Inc. Patterson-UTI issued approximately 47.5 million shares pursuant to the merger.
Concurrent with the closing of the merger, Patterson-UTI repaid all of the outstanding debt of Seventy Seven Energy totaling $472 million ($403 million net of cash from Seventy Seven Energy). Additionally, Patterson-UTI has entered into an agreement with its lenders by which the available commitment under its revolving credit facility was increased to $632 million through September 2017, and to $490 million…