Patterson-UTI Energy Enters Material Agreement

TL;DR

PTEN just signed a big deal, watch their financials.

AI Summary

Patterson-UTI Energy, Inc. entered into a material definitive agreement on January 31, 2025. This agreement involves a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates a significant new financial commitment or arrangement for Patterson-UTI Energy, which could impact its future financial obligations and operational strategies.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.

Key Players & Entities

• Patterson-UTI Energy, Inc. (company) — Registrant
• January 31, 2025 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value PTEN The Nasdaq Global Select
• $500 m — mitments under the Credit Agreement are $500 million, and the loans and commitments un
• $100 million — with a letter of credit sub-facility of $100 million and a swing line sub-facility that, at
• $50 million — utstanding, is limited to the lesser of $50 million and the amount of the swing line provid
• $200 m — egate commitments be increased by up to $200 million, not to exceed total commitments
• $700 million — ion, not to exceed total commitments of $700 million. Loans under the Credit Agreement bea

Filing Documents

• pten-20250131.htm (8-K) — 31KB
• ex101pten-rcfcreditagreeme.htm (EX-10.1) — 1079KB
• image_0a.jpg (GRAPHIC) — 2KB
• 0000889900-25-000028.txt ( ) — 1410KB
• pten-20250131.xsd (EX-101.SCH) — 2KB
• pten-20250131_lab.xml (EX-101.LAB) — 22KB
• pten-20250131_pre.xml (EX-101.PRE) — 13KB
• pten-20250131_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 31, 2025, we entered into the Second Amended and Restated Credit Agreement with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, and the other parties thereto (the "Credit Agreement"). The Credit Agreement amends and restates our Amended and Restated Credit Agreement dated as of March 27, 2018. The commitments under the Credit Agreement are $500 million, and the loans and commitments under the Credit Agreement mature on January 31, 2030. The Credit Agreement provides for a committed senior unsecured credit facility that permits aggregate revolving credit borrowings of up to $500 million, with a letter of credit sub-facility of $100 million and a swing line sub-facility that, at any time outstanding, is limited to the lesser of $50 million and the amount of the swing line provider's unused commitment. Subject to customary conditions, we may request that the lenders' aggregate commitments be increased by up to $200 million, not to exceed total commitments of $700 million. Loans under the Credit Agreement bear interest by reference, at our election, to the SOFR rate (in addition to a 0.10% per annum adjustment) or base rate, in each case subject to a 0% floor. The applicable margin on SOFR rate loans varies from 1.25% to 2.25% and the applicable margin on base rate loans varies from 0.25% to 1.25%, in each case determined based on our credit rating. A letter of credit fee is payable by us equal to the applicable margin for SOFR rate loans times the daily amount available to be drawn under outstanding letters of credit. The commitment fee rate payable to the lenders varies from 0.150% to 0.350% based on our credit rating. None of our subsidiaries are currently required to be a guarantor under the Credit Agreement. However, if any subsidiary guarantees or incurs debt, which does not qualify for certain limited exceptions and is otherwise, in the aggregat

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Second Amended and Restated Credit Agreement, dated January 31, 2025, by and among Patterson-UTI Energy, Inc., Wells Fargo Bank, National Association, as administrative agent, letter of credit issuer, swing line lender and a lender and each of the other letter of credit issuers and lenders party thereto with the lenders party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Patterson-UTI Energy, Inc. February 3, 2025 By: /s/ C. Andrew Smith Name: C. Andrew Smith Title: Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR