Atlas Energy Solutions Inc.: debt financing — Atlas Energy to eliminate Up-C structure via reorganization; enters $180M term loan

Atlas Energy Solutions Inc.

Reorganization exchanges each Class A share for one share of New Atlas HoldCo; Class B shares cancelled.
New $180M term loan from Stonebriar at 9.50% interest, 84 monthly installments, matures August 2030.
Up to $100M delayed draw term loan at Term SOFR + 5.95%, with interest-only payments through Jan 2025.
Proceeds used to repay prior Stonebriar loan ($180M) and equipment leases; remaining for general corporate purposes.
Reorganization subject to stockholder vote, SEC effectiveness of Form S-4, and NYSE listing; ticker remains AESI.

item 1.01 item 2.03 item 7.01 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 0.4

Atlas Energy Solutions Inc. incurred term loan.

Instrument: term loan
Event: incurrence

Exact text from the filing

The disclosures of the material terms and conditions of the 2023 Term Loan Credit Agreement and the 2023 Term Loan Credit Facility contained in Item 1.01 above are hereby incorporated into this Item 2.03 by reference.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Atlas Energy Solutions Inc. entered into Master Reorganization Agreement with New Atlas HoldCo Inc. valued at Reorganization transaction to eliminate Up-C structure and transition to single class common stock (effective 2023-07-31).

Action: entry
Agreement: merger
Counterparty: New Atlas HoldCo Inc.
Value: Reorganization transaction to eliminate Up-C structure and transition to single class common stock
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, Atlas Energy Solutions Inc. (the “ Company ” or “ Atlas ”), entered into a Master Reorganization Agreement (the “ MRA ”) to reorganize under a new public holding company (the “ Reorganization ”).

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Source: SEC EDGAR

accession 0001193125-23-199898

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