secwatch.observer — SEC 8-K summary
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Issuer:     Prairie Operating Co. (PROP)
CIK:        0001162896
Form:       8-K
Filed at:   2024-12-19T23:59:59+00:00
Accession:  0001493152-24-050775
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Prairie Operating signs $1.0B reserve-based credit facility; initial borrowing base $44M
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- Credit facility with $1.0B maximum commitment; initial borrowing base $44M; $28M drawn, $7.2M available.
- Facility matures Dec 16, 2026; covenants require net leverage ≤2.50x and current ratio ≥1.00x.
- Amended subordinated note with entities controlled by director J. Gray extends maturity to Mar 17, 2027.
- Interest margins range from 3.00%-4.00% for SOFR loans based on borrowing base utilization.
- Must hedge at least 80% of proved developed producing reserves through Dec 31, 2028.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1162896/000149315224050775/0001493152-24-050775-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1162896/000149315224050775/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-050775

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