Patterson-UTI extends $450M credit facility
Patterson-UTI Energy, Inc. entered into an Assignment and Amendment No. 1 to its Second Amended and Restated Credit Agreement.
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Form Type
8-K
Rhea-AI Filing Summary
Patterson-UTI Energy, Inc. entered into an Assignment and Amendment No. 1 to its Second Amended and Restated Credit Agreement. The change extends the maturity date for $450 million of revolving credit commitments from January 31, 2030 to January 31, 2031, giving the company an additional year of access to this portion of its credit facility.
The amendment also reallocates $25 million of revolving credit commitments from HSBC Bank USA, N.A. to JPMorgan Chase Bank, N.A. The underlying credit agreement remains in place with Wells Fargo Bank, National Association serving as administrative agent and with existing lenders and letter of credit issuers.
8-K Event Classification
3 items: 1.01, 2.03, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Extended revolving commitments: $450 million
Reallocated commitments: $25 million
Original maturity date: January 31, 2030
+1 more
4 metrics
Extended revolving commitments
$450 million
Maturity moved from January 31, 2030 to January 31, 2031
Reallocated commitments
$25 million
Assigned from HSBC Bank USA, N.A. to JPMorgan Chase Bank, N.A.
Original maturity date
January 31, 2030
Prior maturity for affected revolving credit commitments
New maturity date
January 31, 2031
New maturity for $450 million revolving credit commitments
Key Terms
Material Definitive Agreement, Second Amended and Restated Credit Agreement, revolving credit commitments, administrative agent, +1 more
5 terms
Material Definitive Agreement regulatory
"Item 1.01 Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Second Amended and Restated Credit Agreement financial
"amends the Second Amended and Restated Credit Agreement, dated as of January 31, 2025"
A second amended and restated credit agreement is a company’s loan contract that has been changed twice and rewritten into a single, updated document so all the terms are clear in one place. Investors care because it alters the company’s debt rules — such as interest rates, repayment schedule, and covenants — which affects cash flow, default risk, and the ability to invest or pay dividends; think of it like refinancing and reorganizing a mortgage that changes monthly payments and rules.
revolving credit commitments financial
"extends the maturity date for $450 million of revolving credit commitments"
administrative agent financial
"Wells Fargo Bank, National Association, as administrative agent"
An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.
off-balance sheet arrangement financial
"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement"
An off-balance sheet arrangement is a financial commitment or asset that a company keeps out of its main financial statements so it does not show up as a direct asset or liability. Think of it like renting equipment or using a separate storage locker instead of putting the item in your home: the economic effects exist, but they aren’t listed on the company’s primary balance sheet. Investors care because these arrangements can hide risks, obligations or sources of cash flow that affect a company’s true financial strength and future performance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What credit agreement change did Patterson-UTI (PTEN) disclose in this 8-K?
Patterson-UTI disclosed an amendment to its Second Amended and Restated Credit Agreement. The update extends part of its revolving credit facility and reallocates a portion of lender commitments among participating banks.
How much of Patterson-UTI’s revolving credit commitments were extended?
The amendment extends the maturity date for $450 million of Patterson-UTI’s revolving credit commitments. These commitments now mature on January 31, 2031, providing the company an additional year on that tranche of liquidity.
Which lenders are affected by the Patterson-UTI credit commitment reallocation?
The amendment assigns $25 million of revolving credit commitments from HSBC Bank USA, N.A. to JPMorgan Chase Bank, N.A.. Other elements of the credit agreement, including Wells Fargo’s role as administrative agent, remain in place.
What is the new maturity date for the amended Patterson-UTI revolving commitments?
The new maturity date for the affected $450 million of revolving credit commitments is January 31, 2031. Previously, this portion of the facility was scheduled to mature on January 31, 2030 under the existing credit agreement.
Does the amendment create a new off-balance sheet obligation for Patterson-UTI (PTEN)?
The filing links the amendment to disclosure under direct and off-balance sheet obligation rules. It incorporates the same credit agreement changes under Item 2.03, reflecting how this revolving facility is treated for obligation reporting purposes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
