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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) December 22, 1999
PATTERSON ENERGY, INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 0-22664 75-2504748
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
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4510 LAMESA HIGHWAY, SNYDER, TEXAS 79549
(Address of principal executive offices) (Zip Code)
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(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 December 22, 1999 the Registrant issued the following press release:
PATTERSON ENERGY, INC. COMPLETES $60 MILLION DEBT FACILITY
SNYDER, Texas, December 22, 1999 announces the completion of a $60 million
credit facility with Transamerica Equipment Financial Services Corporation. The
new credit facility will be used to pay off the Company's existing term note of
approximately $47.3 million with the remainder of the proceeds to be used to
partially fund the Company's future operations and growth through acquisition.
The credit facility calls for monthly payments of interest only for the first
twelve months at the 90-day LIBOR rate plus 3.51% at which point the outstanding
balance will convert to a term note with a 60-month principal and interest
amortization. The underlying credit agreement allows for a prepayment of
principal of $40 million subject to a one-half of one- percent (.5%) penalty.
The credit facility is secured by the drilling assets of the Company.
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 D. (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: January 6, 2000 By: /s/ Jonathan Nelson
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Mr. Jonathan (Jody) Nelson
Vice-President-Finance
Chief Financial Officer
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