KLX Energy announces $125M rights offering, $94M backstopped by 2030 noteholders to cut leverage

KLX Energy Services Holdings, Inc.

$125M rights offering at $1.49/share; record date Aug 21, 2026, expire Sep 23; rights trade as KLXER.
Backstop parties commit $94M via exchange of 2030 notes at 100% principal plus accrued interest for common stock.
Net cash proceeds up to $31M for general corporate; excess used to repurchase 2030 notes at par.
Amended indenture resets leverage covenant to 4.50x step-down, relaxes incurrence test to 3.00x, cuts make-whole premium to 101%.
Each right buys 3.885 shares; over-subscription capped at 9.995% beneficial ownership.

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