KLX Energy closes rights offering raising $37.2M, cuts 2030 Notes by $94M; shares outstanding 105.7M

KLX Energy Services Holdings, Inc.

Rights offering: 24,975,001 shares purchased at $1.49/share for $37.2M gross; $31.0M to general corporate purposes, $6.2M to redeem 2030 Notes at par.
Backstop Exchange: 59,273,445 shares issued to 2030 Notes holders at $1.49/share; 2030 Notes principal reduced $94.0M via par redemptions and exchange.
Pro forma shares outstanding 105,677,168, versus roughly 21.4M before the deal, a roughly fivefold increase in share count.
Amended indenture resets total net leverage covenant to 4.50x from Q3 2026, then 4.00x (Q2 2027), 3.50x (Q2 2028), 3.00x (Q2 2029); incurrence test eased to 3.00x.
Partial redemption notice issued Sept 30, 2026 for $6.2M of 2030 Notes on Oct 10, 2026; make-whole premium lowered from 102% to 101%.

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