Mammoth sells $54.4M PREPA receivable at 88% for $46.3M net, repays revolver

MAMMOTH ENERGY SERVICES, INC.

Cobra sold $54.4M net PREPA claim to SPCP Group at 88% of face; net proceeds $46.3M.
Proceeds used $26.9M to fully repay revolving credit facility, now undrawn; remainder for dual fuel upgrades.
If PREPA claim is disallowed below transferred amount, Cobra must repurchase unpaid portion at purchase rate plus 6% interest.
Wexford waived 50% mandatory PREPA proceeds remittance to term loan, preserving cash.
Unpaid balance after March 31, 2024 accrues 1% compounded monthly.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

MAMMOTH ENERGY SERVICES, INC. entered into Assignment Agreement with SPCP Group, LLC valued at $63.0 million (effective 2023-12-01).

Action: entry
Counterparty: SPCP Group, LLC
Value: $63.0 million
Effective: 2023-12-01

Exact text from the filing

Cobra Acquisitions LLC (“Cobra”), as seller and a wholly owned subsidiary of Mammoth Energy Services, Inc. (“Mammoth” or the “Company”), and Mammoth, as guarantor, entered into an assignment agreement (the “Assignment Agreement”) with SPCP Group, LLC (“SPCP Group”), as purchaser.

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MAMMOTH ENERGY SERVICES, INC. filing history →

Source: SEC EDGAR

accession 0001679268-23-000063

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