Seventy Seven repays revolver, term loan after buyout by Patterson-UTI

By Susanna Moon

Chicago, April 20 – Seventy Seven Energy Inc. repaid and terminated a revolving credit facility and term loan Thursday after its merger with Patterson-UTI Energy, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The company’s wholly owned subsidiaries Nomac Drilling, LLC, Performance Technologies, LLC and Great Plains Oilfield Rental, LLC repaid their revolving credit facility dated Aug. 1, 2016 with Wells Fargo Bank, NA as administrative agent.

Seventy Seven Operating LLC, a wholly owned subsidiary of Patterson-UTI, paid down its seven-year term loan and incremental term loan with Wilmington Trust, NA as successor administrative agent, dated as of May 13, 2015.

There were no early termination or prepayment penalties incurred as a result of the termination.

Based in Oklahoma City, Seventy Seven provides wellsite services and equipment to U.S. land-based exploration and production customers.

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