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.
View original
content:https://www.prnewswire.com/news-releases/pioneer-energy-services-announces-the-accelerated-mandatory-conversion-of--5-00-convertible-senior-unsecured-pik-notes-due-2025--301395702.html
SOURCE Pioneer Energy Services LLC