It didn’t take long for Tulsa-based Helmerich & Payne to close on its previously announced private offering of $550 million in senior notes.
The company stated that it has successfully completed the offering of the 2.900% senior notes due 2031.
“We are taking advantage of the Company’s robust financial profile and the historically low interest rate environment to significantly extend our debt maturity at a lower rate,” explained President and CEO John Lindsay.
He said because of the company’s strong balance sheet, leadership was able to capitalize on the current market opportunity and lock in low cost capital “that will allow us to continue to grow our domestic market share through expansion of new commercial models and digital technology solutions.”
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.
Helmerich & Payne said that as of the date of the press release, it still had $487.1 million aggregate principal amount of the $2025 notes outstanding.
Source: Business Wire