Helmerich & Payne’s $550 Million Private Offering of Senior Notes

Baker Botts advised Helmerich & Payne, while Latham & Watkins represented the initial purchasers in the offering.

Helmerich & Payne, Inc. (NYSE: HP) has priced its previously announced private offering of $550 million aggregate principal amount of 2.900% Senior Notes due 2031 to eligible purchasers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The offering size was increased from the previously announced offering size of $500 million in aggregate principal amount.

The Company intends to use the net proceeds from the Offering, plus cash on hand, to redeem and retire all $487.1 million aggregate principal amount of the Company’s outstanding 4.65% Senior Notes due 2025.

The Offering is expected to close on September 29, 2021, subject to customary closing conditions.

The Baker Botts team included: Grant Everett (Partner, Dallas, Picture); Lakshmi Ramanathan (Senior Associate, Houston); Marshall B. Heins II (Associate, Houston); Catherine Ellis (Associate, Houston); Michael Mazidi (Associate, Houston); Luke Weedon (Partner, Dallas); Josh Espinosa (Associate, Dallas); Steve Marcus (Partner, Dallas); Jordan Hahn (Senior Associate, Dallas); Aileen Hooks (Partner, Austin); Katie Windle (Associate, Austin).

Latham & Watkins represented the initial purchasers led by Goldman Sachs & Co. LLC 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. 

Involved fees earner: Catherine Baker Ellis – Baker Botts LLP; Josh Espinosa – Baker Botts LLP; Grant Everett – Baker Botts LLP; Jordan Hahn – Baker Botts LLP; Aileen Hooks – Baker Botts LLP; Stephen Marcus – Baker Botts LLP; Michael Mazidi – Baker Botts LLP; Lakshmi Ramanathan – Baker Botts LLP; Luke Weedon – Baker Botts LLP; Katie Windle – Baker Botts LLP; Jim Cole – Latham & Watkins; Ryan Maierson – Latham & Watkins; Joshua Marnitz – Latham & Watkins; David Miller – Latham & Watkins; Samuel Rettew – Latham & Watkins; Brent Wagner – Latham & Watkins; Kate Wang – Latham & Watkins; Dylan White – Latham & Watkins;

Law Firms: Baker Botts LLP; Latham & Watkins;

Clients: Goldman Sachs & Co.; Helmerich & Payne Inc.;

Author: Martina Bellini