Patterson UTI Energy Inc. extended the maturity date of $357.9 million in revolving credit commitments of certain lenders, to March 27, 2019, from the previous date of Sept. 27, 2017, through amending its $500 million senior unsecured revolving credit agreement.
The amendment to the credit agreement also amended the interest rates applicable to borrowings, and amended the debt-to-capitalization ratio covenant.
The company also said July 12 that it repaid the entire outstanding $230 million principal amount of its bank term loans, and has $70 million outstanding under the revolving credit facility.
John Vollmer, CFO, said that the company does not have any term debt maturities until October 2020 because the two bank term loans have been repaid.
When the borrowing base is determined based on July 31 balances, the borrowing base is expected to be about $360 million, the company said.
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