Hallador closes $600M term loan for Turtle Creek gas project; up to $675M total financing

HALLADOR ENERGY CO

Closed $600M term loan with Kennedy Lewis; $550M funded at closing, $50M delayed draw.
Up to $75M revolver available, total package up to $675M.
Proceeds to repay $45M term loan and $75M revolver, fund construction of 460-MW Turtle Creek gas project (cost <$800M).
Pre-COD interest 3.5% cash + SOFR+4.5% PIK; post-COD SOFR+8.00%; 3-year term + 2-year extension.
Company has $2.4B contracted forward sales as of 6/30/26; expects to fully fund Turtle Creek with little equity dilution.

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