Loan & DebtJun 11, 2026, 08:06 AM
Prairie Operating Co. Reaffirms $475M Borrowing Base; Amends Preferred Stock Terms
AI Summary
Prairie Operating Co. entered into a Second Amendment to its Amended and Restated Credit Agreement, reaffirming a borrowing base of $475,000,000. The amendment also modified certain covenants and increased the frequency of borrowing base redeterminations. Additionally, the company entered into a Letter Agreement with Hudson Bay PH XIX LLC, allowing for the conversion of remaining Series F Convertible Preferred Stock into up to 21,156,339 common shares and adjusting the terms of Anniversary Warrants, including a reduction in shares issuable from 75% to 65% of Stated Value.
Key Highlights
- Borrowing base reaffirmed at $475,000,000 under the Amended and Restated Credit Agreement.
- Modified certain covenants related to distributable free cash flow and reporting requirements.
- Increased the cadence of scheduled and interim borrowing base redeterminations.
- Allows conversion of Series F Convertible Preferred Stock into up to 21,156,339 additional common shares.
- Anniversary Warrant Issuance Date changed from July 8, 2026, to August 7, 2026.
- Reduced shares issuable upon exercise of Anniversary Warrants from 75% to 65% of Stated Value.
Price Impact
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