05:42 AM EDT, 09/11/2024 (MT Newswires) -- Helmerich & Payne (HP) said Tuesday it has priced an offering of $1.25 billion of senior notes.

The offering comprises $350 million of 4.65% senior notes due 2027 priced at 99.958% of their face value; $350 million of 4.85% senior notes due 2029 priced at 99.883%, and $550 million of 5.5% senior notes due 2034 priced at 99.67% of their face value.

The company plans to use the net proceeds, together with proceeds of its term loan credit facility and cash on hand, to finance its pending acquisition of KCA Deutag International and to repay some of KCA's outstanding debt.

The offering is expected to close Sept. 17.

The notes will be subject to a special mandatory redemption if the acquisition is not consummated by Oct. 25, 2025.

Price: 30.35, Change: -0.01, Percent Change: -0.03