Phoenix Energy One issues up to $100M in senior subordinated notes at 6%-7% interest

Phoenix Energy One, LLC

Notes mature 10 years from issuance; interest payable monthly in cash or compounded.
Notes are junior to Fortress Credit Corp. senior secured debt under existing credit agreement.
Junior Lien Intercreditor Agreement with Fortress governs lien priority on shared collateral.
Holders can request redemption at set put dates; company may redeem at any time at par plus accrued interest.
Covenants include maintaining a loan-to-value ratio of 1.00 to 1.00 and restrictions on asset sales.

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