Prairie Operating Co. (PROP): M&A transaction — Prairie closes $602.75M Bayswater acquisition, secures $1.0B credit facility

Prairie Operating Co.

Acquired DJ Basin assets for ~$483.5M cash plus 3,656,099 shares of common stock.
New A&R credit facility: $1.0B max commitment, $475M borrowing base, $377M drawn at close.
Paid off $3.2M of subordinated note; remaining $1.46M converted to 15% interest, non‑redeemable.
Facility matures March 2029; includes financial covenants (Net Leverage ≤3.0x, Current Ratio ≥1.0x).
Hedging requirement: at least 80% of proved developed producing reserves through March 2028.

item 1.01 item 2.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Prairie Operating Co. amended revolving credit of $1.0 billion with Citibank, N.A. at Term SOFR or Alternate Base Rate (each as defined in the A&R Credit Agreement), maturing March 26, 2029.

Instrument: revolving credit
Principal: $1.0 billion
Counterparty: Citibank, N.A.
Rate: Term SOFR or Alternate Base Rate (each as defined in the A&R Credit Agreement),
Maturity: March 26, 2029
Event: amendment

Exact text from the filing

On March 26, 2025, Prairie Operating Co. (the “Company” or “Prairie”), as borrower, amended and restated that certain reserve-based credit agreement, dated as of December 16, 2024, with Citibank, N.A., as administrative agent, and the financial institutions party thereto (the “A&R Credit Agreement”). The A&R Credit Agreement has a maximum credit commitment of $1.0 billion. As of March 26, 2025, the A&R Credit Agreement has a borrowing base of $475.0 million and an aggregate elected commitment of $475.0 million.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Prairie Operating Co. completed an acquisition involving Bayswater for $602.75 million, subject to certain closing price adjustments, payable in cash and 3,656,099 shares of the Company's common stock (closed 2025-03-26).

Action: acquisition
Counterparty: Bayswater
Consideration: $602.75 million, subject to certain closing price adjustments, payable in cash and 3,656,099 shares of the Company's common stock
Closing: 2025-03-26

Exact text from the filing

to the Bayswater PSA, the Company and certain of its subsidiaries agreed to acquire certain oil and gas assets from Bayswater (the “Acquired Properties”) for a purchase price of $602.75 million, subject to certain closing price adjustments, payable in cash and 3,656,099 shares of the Company’s common stock, par value $0.01 per share (the “Equity Consideration”). Among

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26 debt financings filed in the last 30 days. Browse all debt financings →

Prairie Operating Co. filing history →

Source: SEC EDGAR

accession 0001641172-25-002082

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