secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001193125-23-227636
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 5.02, 5.03, 5.07, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Patterson-UTI completes NexTier merger; expects $200M annual synergies within 18 months
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- Merger closed: each NexTier share converted to 0.7520 PTEN shares; combined co. has 172 super-spec rigs and 3.3M frac HP.
- Expects ~$200M cost/operational synergies within 18mo; accretion to EPS and FCF in 2024; targets 50% FCF return to shareholders.
- Board expanded to 11 members (5 from NexTier); Curtis Huff remains Chairman, Robert Drummond appointed Vice Chairman.
- Entered $300M senior unsecured term loan (364-day maturity); amended credit facility extended $501.7M commitments to 2026.
- Mike Holcomb transitions to EVP & Chief Business Officer; receives $2M retention bonus payable in quarterly installments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000119312523227636/0001193125-23-227636-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000119312523227636/d463540d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-227636

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