HOUSTON, Oct. 8, 2021 /PRNewswire/ -- Pioneer Energy Services LLC (the "Company" or "Pioneer"), the successor to Pioneer Energy Services Corp. ("PES") and a wholly owned subsidiary of Patterson-UTI Energy, Inc. (NASDAQ: PTEN ) ("Patterson-UTI"), today announced the accelerated mandatory conversion of all outstanding principal amount of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025 (the "Convertible Notes"). The previously announced consummation of the acquisition by Patterson-UTI of PES on October 1, 2021 constituted a Share Exchange Event under the terms of the Convertible Notes Indenture, dated May 29, 2020.