secwatch.observer — SEC 8-K summary
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Issuer:     Prairie Operating Co. (PROP)
CIK:        0001162896
Form:       8-K
Filed at:   2025-04-01T23:59:59+00:00
Accession:  0001641172-25-002082
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Prairie closes $602.75M Bayswater acquisition, secures $1.0B credit facility
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1162896/000164117225002082/0001641172-25-002082-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1162896/000164117225002082/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-002082

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer