PTEN · Patterson-UTI Energy, Inc.

Patterson-UTI Energy, Inc. announced a $500 million offering of 6.050% Senior Notes due 2036 via an underwriting agreement dated May 5, 2026, with representatives Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, and Scotia Capital (USA) Inc. The transaction refinances higher-cost debt by redeeming approximately $482.5 million of outstanding 3.95% Senior Notes due 2028, with a conditional redemption notice issued the same day. Funding will come from offering proceeds, cash on hand, and revolver borrowings, conditioned on closing a senior debt offering by June 4, 2026. Closing is targeted for May 19, 2026. The agreement includes standard representations, warranties, indemnification for underwriters under the Securities Act, and disclosures of affiliates' potential holdings in the 2028 Notes. This extends debt maturity from 2028 to 2036 while increasing the coupon rate from 3.95% to 6.050%, likely reflecting current market conditions and supporting liquidity for general corporate purposes.