ProFrac Holding Corp. (ACDC): debt financing — ProFrac evaluates strategic alternatives for Alpine Silica; Wilks family invests $50M in preferred equity

ProFrac Holding Corp.

Alpine Silica (proppant segment) to be evaluated for IPO, sale, or recapitalization to unlock value.
$50M perpetual convertible preferred stock issued at $20/share; 8% annual PIK dividend; proceeds to reduce debt.
Wilks family entities made the investment, signaling confidence in ProFrac's future.
Piper Sandler & Co. retained as financial advisor; Brown Rudnick as legal advisor for the review.
Conversion price of $20 implies a sum-of-the-parts valuation above current trading levels.

item 1.01 item 5.03 item 2.03 item 3.02 item 3.03 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 debt of $50.0 million with THRC Holdings, LP and FARJO Holdings, LP.

Principal: $50.0 million
Counterparty: THRC Holdings, LP and FARJO Holdings, LP
Event: incurrence

Exact text from the filing

At the closing of the Private Placement on September 29, 2023 (the “ Closing ”), the Company issued and sold to the Investors 50,000 shares of the Series A Preferred Stock at a purchase price of $1,000.00 per share. The gross proceeds to the Company from the sale of the Series A Preferred Stock were $50.0 million.

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ProFrac Holding Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-248480

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