Helmerich & Payne To Issue Private Offering Of Senior Notes

(RTTNews) - Helmerich & Payne, Inc. (HP) announced on Tuesday its plan to issue senior unsecured notes in a private placement aimed at qualified institutional buyers and non-U.S. persons.

The Company intends to utilize the net proceeds from this offering, along with funds from its term loan credit facility and existing cash, to acquire KCA Deutag International (KCAD), pay off KCAD's existing debt, and address related expenses. This move is expected to lessen the commitments tied to HP's current bridge loan for the acquisition.

A 'special mandatory redemption' clause will be included in the notes, which will trigger if the acquisition does not take place by October 25, 2025, or if HP opts not to go forward with it.