HOUSTON, Jan. 24, 2017 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) (the
"Company") today announced that it has commenced an underwritten
public offering of 14,800,000 shares of common stock. The Company
expects to grant the underwriters an option to purchase up to an
additional 2,220,000 shares of common stock from the Company.
The Company intends to use a portion of the net proceeds of the
offering and, if required, borrowings under its revolving credit
facility, to fund the repayment of the outstanding indebtedness of
Seventy Seven Energy Inc. ("Seventy Seven Energy") at closing of
the Company's previously announced merger with Seventy Seven Energy
(the "Merger"). If the Merger is not consummated, the Company
intends to use the net proceeds of the offering for general
corporate purposes, which may include repayment of outstanding
indebtedness or investments in working capital. The offering is not
conditioned on the consummation of the Merger.
Goldman, Sachs & Co., BofA Merrill Lynch, Scotia Howard Weil
and Wells Fargo Securities are acting as joint lead bookrunners for
the offering.
The offering is being made pursuant to an effective shelf
registration statement, which has been filed with the Securities
and Exchange Commission (the "SEC") and became effective
January 24, 2017. The offering will
be made only by means of a preliminary prospectus supplement and
the accompanying base prospectus, copies of which may be obtained
on the SEC's website at www.sec.gov. Alternatively, the joint lead
bookrunners will arrange to send you the preliminary prospectus
supplement and related base prospectus if you request them by
contacting:
Goldman, Sachs &
Co.
Prospectus
Department
200 West
Street
New York, New York
10282
Toll-free:
1-866-471-2526
E-mail:
prospectus-ny@ny.email.gs.com
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BofA Merrill
Lynch
Attn: Prospectus
Department
200 North College
Street, 3rd Floor
NC1-004-03-43
Charlotte, North
Carolina 28255-0001
Toll-free:
1-800-294-1322
E-mail:
dg.prospectus_requests@baml.com
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Scotia Howard
Weil
Attn: Equity Capital
Markets
250 Vesey Street,
24th Floor
New York, New York,
10281
E-mail:
us.ecm.syndicate@scotiabank.com
(212)
225-6854
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Wells Fargo
Securities
Attn: Equity
Syndicate Dept.
375 Park
Avenue
New York, New York
10152
cmclientsupport@wellsfargo.com
(800)
326-5897
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This news release is neither an offer to sell nor a solicitation
of an offer to buy any securities, nor shall there be any sale of
any such securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Patterson-UTI Energy, Inc.
Patterson-UTI Energy, Inc. subsidiaries provide onshore contract
drilling and pressure pumping services to exploration and
production companies in North
America, and drilling rig pipe handling technology
worldwide. Patterson-UTI Drilling Company LLC and its
subsidiaries operate land-based drilling rigs in oil and natural
gas producing regions of the continental United States and western Canada.
Universal Pressure Pumping, Inc. and Universal Well Services, Inc.
provide pressure pumping services primarily in Texas and the Appalachian region.
Warrior Rig Technologies provides pipe handling components and
related technology to drilling contractors around the world.
Cautionary Statement Regarding Forward-Looking
Statements
Statements made in this press release which state the
Company's or management's intentions, beliefs, expectations or
predictions for the future are forward-looking statements. It is
important to note that actual results could differ materially from
those discussed in such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to, uncertainty as to whether the
conditions to closing of the Merger will be satisfied, including
the required approval of our and Seventy Seven Energy's respective
stockholders, or whether the Merger will be completed; the
diversion of management time on merger-related issues; the ultimate
timing, outcome and results of integrating our operations with
those of Seventy Seven Energy; the effects of our business
combination with Seventy Seven Energy, including the combined
company's future financial condition, results of operations,
strategy and plans; potential adverse reactions or
changes to business relationships resulting from the announcement
or completion of the Merger; expected benefits from the Merger and
our ability to realize those benefits; expectations regarding
regulatory approval of the Merger; whether merger-related
litigation will occur and, if so, the results of any litigation,
settlements and investigations; availability of capital and
the ability to repay indebtedness when due; volatility in customer
spending and in oil and natural gas prices that could adversely
affect demand for our services and their associated effect on
rates; loss of key customers; utilization, margins and planned
capital expenditures; interest rate volatility; compliance with
covenants under our debt agreements; excess availability of land
drilling rigs and pressure pumping equipment, including as a result
of reactivation or construction; equipment specialization and new
technologies; operating hazards attendant to the natural gas and
oil business; failure by customers to pay or satisfy their
contractual obligations (particularly with respect to fixed term
contracts); difficulty in building and deploying new equipment;
expansion and development trends of the oil and gas industry;
weather; shortages, delays in delivery and interruptions in supply
of equipment, supplies and materials; the ability to retain
management and field personnel; the ability to effectively identify
and enter new markets; the ability to realize backlog; strength and
financial resources of competitors; environmental risks and ability
to satisfy future environmental costs; global economic conditions;
operating costs; competition and demand for our services;
liabilities from operations for which we or Seventy Seven Energy,
as applicable, do not have and receive full indemnification or
insurance; governmental regulation; ability to obtain insurance
coverage on commercially reasonable terms; and financial
flexibility. Additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the
Company's SEC filings, which may be obtained by
contacting the Company or the SEC. These filings are also
available through the SEC's Electronic Data Gathering and
Analysis Retrieval System (EDGAR)
at http://www.sec.gov. We undertake no
obligation to publicly update or revise any forward-looking
statement.
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SOURCE PATTERSON-UTI ENERGY, INC.