By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 27 – Helmerich & Payne, Inc. priced an upsized $550 million of 2.9% senior notes due 2031 (Baa1/BBB+) at Treasuries plus 145 basis points on Monday, according to a market source.
The offering was upsized from $500 million.
Initial price talk was in the Treasuries plus 175 bps area.
Goldman Sachs & Co. LLC was the bookrunner.
Proceeds will be used with cash on hand to redeem and retire all of the company’s 4.65% senior notes due 2025 on Oct. 27. As of Monday, $487.1 million of the 4.65% notes were outstanding.
Tulsa, Okla.-based Helmerich & Payne engages in the contract drilling of oil and gas wells.
| Issuer: | Helmerich & Payne, Inc.
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| Amount: | $550 million
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| Maturity: | Sept. 29, 2031
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| Bookrunner: | Goldman Sachs & Co. LLC
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| Coupon: | 2.9%
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| Spread: | Treasuries plus 145 bps
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| Pricing date: | Sept. 27
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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