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Pioneer Energy Services Announces the Accelerated Mandatory Conversion of 5.00% Convertible Senior Unsecured PIK Notes Due 2025
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HOUSTON, Oct. 8, 2021 /PRNewswire/ -- Pioneer Energy Services LLC (the "Company" or "Pioneer"), the successor to Pioneer Energy Services Corp. ("PES") and a wholly owned subsidiary of Patterson-UTI Energy, Inc. (NASDAQ: PTEN) ("Patterson-UTI"), today announced the accelerated mandatory conversion of all outstanding principal amount of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025 (the "Convertible Notes").
The previously announced consummation of the acquisition by Patterson-UTI of PES on October 1, 2021 constituted a Share Exchange Event under the terms of the Convertible Notes Indenture, dated May 29, 2020. At and after the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Convertible Notes was changed into a right to convert such principal amount of Convertible Notes into the amount of shares of Patterson-UTI common stock that a holder of 75.0000 shares of PES common stock (the Conversion Rate for $1,000 principal amount of Convertible Notes immediately prior to such Share Exchange Event) would have owned or been entitled to receive upon such Share Exchange Event. In the Share Exchange Event, each share of PES common stock was converted into the right to receive 1.8692 shares of Patterson-UTI common stock. The Conversion Rate in effect immediately prior to such Share Exchange Event was 75.0000 shares of PES common stock per $1,000 principal amount of the Convertible Notes. The Accelerated Mandatory Conversion Date is October 8, 2021 and interest on the Convertible Notes shall cease to accrue as of such date.
The Company has elected the Physical Settlement method, which means holders of the Convertible Notes will receive shares of Patterson-UTI common stock, together with cash, if applicable, in lieu of any fractional share of Patterson-UTI common stock.
About Patterson-UTI
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
patterson-uti drilling company llc operates one of the largest and most technologically advanced fleets of land based drilling rigs in north america. operations are primarily in oil and natural gas producing regions of the continental united states, alaska, and western and northern canada. with a $1.8b revenue in 2014, we serve major and independent oil and gas companies to provide a comprehensive drilling solution. this includes apex® drilling rigs and people who are committed to working safely, efficiently and in an environmentally responsible way, all of which makes patterson-uti drilling the perfect choice for your drilling needs. if you are interested in opportunities to join our company, please create your candidate profile at http://www.patenergy.com/drilling/careers/. our careers site provides instructions on how to create your candidate profile and apply to open vacancies and, answers to frequently asked questions and technical support. for candidates without internet acce