The company used most of the net proceeds gained from the transaction towards the payment of its revolving line of credit and term loan under its bank credit facility.

PATTERSON-UTI ENERGY will use the remaining proceeds for the general corporate purposes.

Patterson-UTI chairman Mark S Siegel said the company’s ability to access the credit markets to obtain long-term financing on favorable terms provides it with substantial operating flexibility.

"After the debt repayment described above, the Company has approximately $110 million in cash and $360 million available under its revolving credit facility," Siegel added.

The Company sold the notes in a private placement to accredited investors.