HOUSTON (AP) -- Patterson-UTI Energy Inc. has sold $300 million in senior unsecured notes due June 2022 in a private placement.
The Houston oil well driller said Friday that it used most of the proceeds to pay off its revolving credit line and term loan under its bank credit facility. The rest of the proceeds will be used for general corporate purposes.
Chairman Mark Siegel said in a statement that once Patterson-UTI Energy pays off the debt it will have about $110 million in cash and $360 million available under its revolving credit facility.
Its shares finished at $32.74 per share on Thursday. They have traded in a 52-week range of $26.19 to $34.63.