September 28, 2021
Helmerich & Payne, Inc. (NYSE:HP) has announced its private offering of US$550 million aggregate principal amount of 2.9% senior notes due 2031 to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-US persons in transactions outside the United States pursuant to Regulation S under the Securities Act. The offering size was increased from the previously announced offering size of US$500 million aggregate principal amount.
The Company intends to use the net proceeds from the Offering, plus cash on hand, to redeem and retire all of the Company’s outstanding 4.65% Senior Notes due 2025. As of the date of this press release, US$487.1 million aggregate principal amount of the 2025 Notes are outstanding. The Offering is not conditioned on the redemption of the 2025 Notes.
Latham & Watkins LLP represents the initial purchasers in the offering with a corporate deal team led by Houston partner Ryan Maierson and Austin partner David Miller, with Austin associate Sam Rettew and Houston associates Kate Wang, Brent Wagner, and Nathaniel Bass. Advice was also provided on tax matters by Houston partner Jim Cole, with Houston associate Dylan White; and on environmental matters by Los Angeles counsel Joshua Marnitz.