Patterson-UTI, Seventy Seven Energy close $1.8B deal
April 24, 2017
Oil and Gas Equipment | Oklahoma City, OK | Corporate Acquisition
Patterson-UTI Energy (NASDAQ: PTEN) has completed an all-stock acquisition of Seventy Seven Energy. The target's stockholders are set to receive 1.8 shares in newly issued Patterson-UTI stock in exchange for each share of Seventy Seven. Patterson-UTI has also paid off Seventy Seven's $472 million in outstanding debt and agreed to increase the company's revolving credit facility to $632 million through September 2017 and to $490 million through March 2019.