Patterson-UTI Inc. (NASDAQ: PTEN) announced that the company has entered into a $600 million, five-year credit agreement with a group of financial institutions led by Wells Fargo Bank NA. The credit agreement replaces the company's 2010 credit agreement, which was scheduled to mature in less than one year.

The credit agreement is a committed senior unsecured facility totaling $600 million. The new agreement increases the company's revolving line of credit by $100 million to $500 million. The credit agreement also includes a $100 million term loan that the company plans ...