HighPeak raises $450M preferred, refinances $1.17B term loan with $800M credit facility

HighPeak Energy, Inc.

Issues 450,000 shares of new Series A 6.0% Perpetual Convertible Preferred at $1,000/share for ~$450M gross; initial conversion price $9.50/share.
PT Danantara Energy International buys 250,000 shares; PT Tunas Harapan Perkasa, a unit of PT Energi Mega Persada Tbk (IDX: ENRG), buys 200,000.
Proceeds, initial RBL borrowings and cash will repay HighPeak's existing $1.17B term loan in full; deal expected to close in Q4 2026.
Preferred dividend: 6.0% cash or 7.5% PIK through year 2, 7.5% cash or 9.0% PIK through year 5, then 10.0%; redeemable after year 3 at 10% IRR.
DIM and EMP each nominate one HighPeak director; two-year standstill and transfer limits; mandatory conversion after year 3 if stock exceeds 150% of $9.50 for 30 of 40 days.

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