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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 3, 1999
PATTERSON ENERGY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-22664 75-2504748
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4510 LAMESA HIGHWAY, SNYDER, TEXAS 79549
(Address of principal executive offices) (Zip Code)
(915) 573-1104
(Registrant's telephone number, including area code)
No Change
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On November 3, 1999 the Registrant issued the following press release:
PATTERSON ENERGY, INC. ANNOUNCES POSSIBLE DEBT REFINANCING
Snyder, Texas, November 3, 1999---Patterson Energy, Inc. (NASDAQ:PTEN) today
announced that on Friday, October 22, 1999, the Company and Transamerica
Equipment Financial Services executed a commitment letter to provide a $60
million credit facility. Funding of the credit facility is contingent upon a
successful syndication effort by Transamerica and the execution of a mutually
agreeable credit agreement. If funded, approximately $47.9 million of the
proceeds would be used to pay off the Company's existing term note and the
remainder of the proceeds would be used to partially fund the Company's future
operations and growth. The credit facility with Transamerica would bear interest
at the 90-day LIBOR rate plus 3.51% and would require 12 monthly payments of
interest only and 60 equal payments of principle and interest thereafter.
Approximately two thirds, or $40 million, of the amount borrowed would require a
one-half of one-percent (.5%) prepayment penalty.
Patterson Energy, Inc., a Snyder, Texas based energy company, is one of the
leading providers of domestic land based drilling services to major independent
oil and natural gas companies. Patterson currently owns 119 drilling rigs (114
of which are currently operable) and focuses its operations in Texas, New
Mexico, Oklahoma, Louisiana, Utah and Mississippi.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
Jonathan (Jody) Nelson, Vice President-Finance and Chief Financial Officer
(915) 573-1104
[email protected]
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PATTERSON ENERGY, INC.
Date: December 7, 1999 By: /s/ Jonathan Nelson
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Mr. Jonathan (Jody) Nelson
Vice-President-Finance
Chief Financial Officer
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