HP announces senior notes offering to fund KCAD acquisition; discloses qualified audit on KCAD

Helmerich & Payne, Inc.

Offering senior unsecured notes; proceeds with term loan and cash to finance KCAD purchase and repay KCAD debt.
KCAD 2022 and 2023 audited financials have qualified audit opinions due to Russia discontinued operations scope limitation.
KCAD 2023 revenue $1.6B, operating profit $166.8M; H1 2024 revenue $865.7M, operating profit $103.1M.
Pro forma combined net income: $363M for year ended Sep 2023; $255M for nine months ended Jun 2024.
Notes subject to special mandatory redemption if KCAD acquisition not closed by Oct 25, 2025.

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