Phoenix Energy One amends credit agreement, obtains $75M term loan and waives covenant defaults

Phoenix Energy One, LLC

Phoenix Energy One, Phoenix Operating, and Fortress Credit Corp. entered Amendment No. 8 to the senior secured credit agreement on Feb 12, 2026.
Amendment No. 8 established $75 million in discretionary delayed draw term loan commitments, fully drawn on the effective date.
The amendment waived compliance with the total secured leverage ratio (Dec 31, 2025), current ratio (Nov 30, 2025 - Jan 31, 2026), and asset coverage ratio (Dec 31, 2025).
Proceeds from the $75M term loan will finance development of oil and gas properties under the approved plan.

Key facts

Extracted from this filing and checked against the source text.

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

Phoenix Energy One, LLC amended Amendment No. 8 to Amended and Restated Senior Secured Credit Agreement with Fortress Credit Corp. valued at $75 million in Amendment No. 7 Discretionary Delayed Draw Term Loan Commitments drawn, reducing avai (effective 2026-02-12).

Action: amendment
Agreement: credit facility
Counterparty: Fortress Credit Corp.
Value: $75 million in Amendment No. 7 Discretionary Delayed Draw Term Loan Commitments drawn, reducing avai
Effective: 2026-02-12

Exact text from the filing

On February 12, 2026 (the “ Amendment No. 8 Effective Date ”), the Company, Phoenix Operating, the Guarantors party thereto, the Specified Additional Guarantor, the Lenders party thereto, and Fortress entered into that certain Amendment No. 8 to Amended and Restated Senior Secured Credit Agreement (“ Amendment No. 8 ”).

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Source: SEC EDGAR

accession 0001193125-26-051726

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