03:10 PM EDT, 08/15/2024 (MT Newswires) -- Helmerich & Payne (HP) said Thursday it secured a $400 million term loan facility.

The loan will help finance the company's $1.97 billion acquisition of drilling firm KCA Deutag International.

Meanwhile, the company said its lenders agreed to raise the upper limit of its revolving credit facility to $950 million from $750 million previously, with an option for a further $100 million increase.

Proceeds from the revolver will be used for working capital and other general corporate purposes, the company said.

Helmerich & Payne shares rose nearly 2% in recent trading.

Price: 34.70, Change: +0.62, Percent Change: +1.82