ProFrac Holding Corp. (ACDC): debt financing — ProFrac completes $475M acquisition of Performance Proppants, upsizes ABL to $400M

ProFrac Holding Corp.

Acquired Performance Proppants for $475M ($469M cash + $6M stock) – largest in-basin proppant producer in Haynesville.
ABL credit facility upsized from $280M to $400M; borrowed $298M for acquisition, leaving $79M available.
Acquisition adds 10.4M tons/year proppant capacity; total capacity now 22.6M tons/year across Permian, Eagle Ford, Haynesville.
ProFrac issued 312,826 shares of Class A common stock as part of consideration.
Piper Sandler served as financial advisor; Winston & Strawn and Lowenstein Sandler as legal advisors.

item 1.01 item 2.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ProFrac Holding Corp. incurred revolving credit of approximately $298 million with JPMorgan Chase Bank, N.A..

Instrument: revolving credit
Principal: approximately $298 million
Counterparty: JPMorgan Chase Bank, N.A.
Event: incurrence

Exact text from the filing

In connection with the Performance Proppants Acquisition, ProFrac borrowed approximately $298 million under the Amended Credit Facility.

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ProFrac Holding Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-052415

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